Research based on firm-level information on subsidies shows that such subsidies support the creation of new employment while the productivity of the recipient firms remains largely unaffected for the time span covered by the data. [8] Of course, this is only one of the many examples of how research institutes in Germany contribute to evidence-based policymaking.
Consistently with G7 principles, the CPMI-IOSCO guidance and recent European legislation, 13 the ECB and the national central banks will focus on three key areas: first, strengthening the cyber resilience of individual financial market infrastructures, including payment systems; second, increasing the cyber resilience of the entire financial sector; and third, promoting public-private cooperation on cybersecurity for the financial sector at the European level.