After all, the loss of human life is very different to the admittedly devastating loss of a vast amount of money and wealth. But still, the failure of Lehman Brothers was an event that shaped the course of the world and of many peoples’ lives.
The development of new financial instruments could change the information content of these variables. For example, securitisation places bank assets outside bank balance sheets, which could complicate the observation by the central bank of credit flows. In the second pillar, the new economy could widen the range of useful indicators, i.e. because wealth effects gain in importance.