At the same time, I think we should improve the timeliness of official statistics as much as possible. In this connection, the recent shorter time lag in the production of INE’s CPI and GDP flash estimates are good examples. In the case of the Banco de España, we have also been able to obtain some real-time granular information that is very useful for assessing the current difficult conditions. As regards information from banks, the data provided by the Central Credit Register is now more necessary than ever for assessing the risks of granting credit and the level of aggregated risk. For us and other economic authorities, this information has also helped in the design and assessment of the effectiveness of the measures adopted during this period (moratoria on loans, public guarantees on lending, etc.). Last April we also made use of the Central Balance Sheet Data Office database to conduct a quick survey of a sample of nonfinancial companies in order to capture their initial reactions to the lockdown. This information proved very helpful in guiding our assessment of the initial impact of the pandemic on Spanish firms. And, of course, the challenge posed by the implications of climate change for the economy and the financial system also requires that new databases be built and that the key signals to keep the authorities’ policies focussed be extracted from those we already have.
Caleb M Fundanga: Financial market progress in Zambia Opening remarks by Dr Caleb M Fundanga, Governor of the Bank of Zambia, at the official launch of the Equity Capital Resources Unit Trust, Lusaka, 21 April 2008. *  *  *  Chairperson Distinguished Ladies and Gentlemen, Let me at the onset express my gratitude to Equity Capital Resources Plc for inviting me to come and officially launch its collective investment scheme which I understand will be called “Equity Capital Resources Unit Trust” or ECRUT in short. This indeed is gratifying to everyone who is anxious to see our financial markets progress. As many of you gathered here already know, the Bank of Zambia in consultation with various stakeholders initiated and developed the Financial Sector Development Plan (FSDP) in 2004. The vision of this Plan is to have a stable, sound and market-based financial system that supports an efficient mobilisation and allocation of resources. It is therefore pleasing that the introduction of ECRUT takes us closer to fulfilling the vision of the FSDP. Ladies and Gentlemen, am sure you will agree with me that collective investment schemes are an indispensable part of market development with several benefits. One of the primary benefits of collective investment schemes is that small investors can have access to professional investment management. Many of our people are not conversant with financial investment matters, yet they are eager to enhance their wealth. Many simply do not have the capacity to identify and manage investments that are appropriate to their risk-return appetite.