[15] It follows that the sharing of confidential data for statistical purposes within the ESCB/ESS should be made easier. This can be achieved by creating an improved legal basis, by narrowing the rather broad definition of confidentiality and by replacing some enabling clauses with mandatory ones. Fourth, it is important for European statistics compilers to have better access for statistical purposes to privately held data which are of public interest. This is in line with the European strategy for data, and the forthcoming Data Act aims to support business-to-business data sharing and facilitate access to data held by private sector entities, if these data are of public interest. Fifth, given the importance of MNEs and the measurement challenges I mentioned before, establishing a centralised collection of data on MNEs would make a vital contribution to the availability and quality of European data. [16] By way of comparison, for the financial sector data are already collected for the 115 significant and around 2,400 less significant banks within the framework of banking supervision. Collecting such data for MNEs could focus on the 500 largest MNEs operating in the EU and be made accessible to the relevant statistical authorities. This has the potential to eliminate information gaps and overlaps across countries and ensure a more timely, complete and consistent cross-country recording of the activities of MNEs. It would also help to improve our understanding of global value chains, for example with regard to information on concentration and bottlenecks.
BIS Review 10/2007  13  In this example, we have been able to reconstruct (approximately) the reference path in Inflation Report 3/06 by minimising a loss function under commitment in a timeless perspective. To reconstruct the reference path, the weight on the output gap in the loss function, lambda, has been set at 0.3. We also had to place a weight on changes in the interest rate in the loss function. This weight, which penalises large changes in the interest rate, can be defended based on considerations regarding robustness and financial stability. What is the outcome if we depart from our established response pattern? 14  BIS Review 10/2007  The chart illustrates what might happen if the central bank reoptimises today, but promise never to do so again. In the model, this will result in a marked rise in interest rates today. But such an approach has been criticised in the literature. If the central bank departs from its response pattern today, it is easy to believe that it will do the same in the future. It may therefore be difficult to gain credibility for such a policy. Even if it may feel tempting, it is important to be aware of the costs associated with departing from an established response pattern. It will then be more demanding to influence private-sector expectations. Frequent reoptimisations will in practice undermine the benefit of commitment and lead to a discretionary policy. The benefit of commitment hinges on the credibility of the central bank’s actions and communication.