In my remarks this morning, I will take stock of the progress made at the ECB, and in the central banking community more generally, on the use of more granular data in the conduct of monetary policy.3 I will show that micro data collected by central banks themselves, in particular data on transactions between banks, have already proven to be an additional valuable guide for policymakers in devising policy responses.
But maybe the answer is more clear-cut when taking a systemic perspective? Well, there are some indications that market-based systems might be more procyclical than bank-based systems. 5 The more pronounced asset price booms and busts in market-based systems might be the explanation for that. But we know from the extensive literature on the financial accelerator effect that procyclicality besets bank-based systems as well.