Today data in banks is growing much faster than their business growth. In many industries, the data is growing at over 50% and banking industry is no exception. Big data should not be viewed from the perspective of storage. The volume, velocity and variety, (3 Vs as they are called) are the three dimensions of big data.
I want to highlight one aspect: Monetary policy is indeed remarkably different from other fields of public policy in that it is conducted by independent institutions. This is true of the euro area, but the independence of central banks is now a global phenomenon. Independence means that monetary policy is shielded from the day-to-day conflicts and power struggles that characterise other areas of policy.