When such things are becoming more relevant, monetary policy transmission can profoundly change and monitoring the traditional financial indicators can turn out to be inadequate. Therefore, good data coverage of new trends in the financial sector is essential. Fortunately, the Eurosystem plays a proactive role here and I would like to give two examples where new data play a key role.
3/4  BIS central bankers' speeches  During the financial crisis, a Eurosystem-wide effort was launched to exploit bank-level data underlying the money and credit aggregates that are monitored in the ECB's monetary analysis. That way, the Governing Council could assess in a fairly granular way the transmission of measures via the banking sector.