These frauds were perpetrated usually by a single person by taking advantage of the lax internal control processes, in spite of the technology safeguards put in place to check such deficiencies. It reminds and cautions us of the fact that technology is not an end in itself and at most is a facilitator, to be used optimally and judiciously.
An example of such cooperation in the near future will be the first release of integrated financial and non-financial euro area accounts for the institutional sectors, which will permit an even more comprehensive cross-checking of the economic and monetary pillars of the ECB’s monetary policy analysis.