Central banks are the lender of last resort and the activation of the Emergency Liquidity Assistance (ELA) in the euro area requires speed and detailed information regarding conditions of vulnerable banking groups seeking assistance. NCBs cannot give blank cheques and, therefore, this necessitates NCBs to have full knowledge and advance preparation that only NCBs with the supervisory responsibility can do.
Our endeavour has been to follow global standards and best practices, some of which are still evolving. In parallel to these developments, more indices, sub-indices and other statistics have also come to the forefront as countries strive to achieve higher standard of living, and attempt to monitor their progress across multiple dimensions.