This new world has, of course, set many challenges for central banks and public institutions: on one level, central banks have had to devise specific organizational structures to have a consistent and more efficient approach to the big data and machine learning tools used by each institution.
At the same time, they have had to increase their data production, leveraging on non-traditional data to get more timely and high-frequency indicators of economic activity, which are important during unprecedented shocks like the COVID19 pandemic. 4. The challenges and risks of Data Science We need to exert extreme caution when employing these new tools. Let me briefly go over some of them.