The first step is to pick up where the Inflation Persistence Network left off, by resuming the collection of micro data underlying the Consumer Price Index and the Producer Price Index and complementing them, where possible, with scanner and online price data.16 Collaboration within the Eurosystem will once again be vital for the success of this ambitious project.
The ECB, with the help of the national central banks, also draws on big data to help improve business cycle analysis. Google search data, for example, have been suggested as a potentially valuable source of data for policymakers.