These changes have also affected the central banks. With the onset of the crisis, the so-called conventional policies and instruments were reconsidered, the scope of our functions increased, and the expectations from us enhanced. Macroprudential function, bank resolution, consumer protection, financial inclusion and literacy are just some of the areas requiring from the central bank to play the leading role. The crisis itself and the subsequent changes to the overall central bank profile and decision-making infrastructure entail modifications in the scope, granularity, and the systematization of the available statistical data. A number of new statistical initiatives (such as the G-20 Data Gaps Initiative) aimed at enriching the statistical spectrum have emerged post crisis. The mere fact that global crisis arose exactly from the financial sector suggests that many of the post-crisis recommendations and needs for changes in the statistical system concern the central banks. The crisis has shown that excessive risk-taking can lead to a collapse of the financial system. Underestimation of the strength of the financial system’s links with the real sector and the cross-border exposures has led to inadequate assessment of macro-financial links within some economies, as well as of the global implications of shocks in some countries. This whole new context, as well as the unconventional responses of central banks to this shock had major implications for the requirements for expansion and modification of the regular statistics, as the most important “ingredient” for making appropriate monetary as well as micro and macroprudential policy decisions.
1 Draghi, M. Welcome address at the Eighth ECB Statistics Conference, Central Bank Statistics: moving beyond  the aggregates, Frankfurt am Main, 6 July 2016. www.ecb.europa.eu/press/key/date/2016/html/sp160706.en.html  3/3  Available  at  the  ECB  web  site:  BIS central bankers' speeches