More data on the granularity of balance-sheet exposures and across types of financial instruments are essential inputs for evaluating propagation effects with contagion and spillover models. Recent initiatives in central bank statistics also address interlinkages beyond the sample of large players – for example, by means of so-called “from whom to whom” information on deposits and loans from financial corporations, or through securities holding statistics with a view to also creating “who to whom” data for various sectors of the economy in the Euro Area Accounts. Dedicated ad hoc surveys, for example in the context of the ESRB’s work at an EU-wide level, should also contribute to shedding light on this topic. Sufficiently granular information would facilitate linking the regulated financial sector with the shadow banking sector. In addition, enhancing information on financial conglomerates – banking groups with substantial activities over and beyond the banking sector – would be essential, as nonbanking activities may be systemically important. In the case of financial conglomerates, contagion and concentration risks can be exacerbated by the increased intra-group complexity and potential conflicts of interest. At the micro-level, improvements to data for characterising interconnectedness are being pushed forward by several initiatives with different objectives and time lines.
John C Williams: Bridging the skills gap Remarks by Mr John C Williams, President and Chief Executive Officer of the Federal Reserve Bank of New York, at the "Skilling the Gap: Building Local Talent for InDemand Careers", Columbia-Greene Community College, Hudson, New York, 21 October 2022. ***  As prepared for delivery Thank you for that kind introduction. I'm so pleased to be here-especially at this time of year, when the autumn colors light up the region. In fact, my wife and I have fallen in love with this area-so much so, that we are now splitting our time between Columbia County and New York City. Of course, I'm not just here as your neighbor. Part of my job as president of the New York Fed-one of the best parts-is to meet with business and community leaders from across the Federal Reserve's Second District. This gives me the opportunity to see and hear the challenges they face. And throughout the Second District-which includes New York State, Northern New Jersey, Southwestern Connecticut, Puerto Rico, and the U.S. Virgin Islands-the issues I hear about consistently have to do with labor shortages and the skills gap. Employers can't find enough skilled workers-and workers can't obtain the skills they need to move up the economic ladder. Before I go any further, I will give the standard Fed disclaimer that the views I express today are mine alone, and do not necessarily reflect those of the Federal Open Market Committee or others in the Federal Reserve System.