Should the central bank have complete independence to pursue its goal of financial stability with whatever instruments it so chooses, including when the distributional implications of some of those instruments are much starker? The questions do not have a straightforward answer.
If designed and implemented well, we can finally match transactions between counterparties on either side of the Atlantic. Supervisors with a microeconomic scope need high-quality granular data. And international regulators want the full picture, based on high-quality aggregated data. Evidently, regulators and the industry both need financial data that are comprehensive in scope on the one hand and detailed enough, on the other.