Good data are essential for global systemic risk assessment and for global financial stability. Standards for granular data should therefore be agreed on and implemented at a global level – the international dimension of this conference is therefore no coincidence. It rather is a reflection of our experience that global standardisation results in large efficiency gains for both users and providers of data.
And it’s about much more than efficiency. Often external observers question the appropriateness of policy decisions because they do not trust the underlying data. Global standards can foster trust across borders by removing one important source of uncertainty.