The last paper of the session, by Dean Corbae and Pablo D´Erasmo, studies monetary policy design in a detailed model of a banking sector with heterogeneous banks. Finally, the keynote lecture by Novel Price laureate Thomas Sargent and the policy panel composed of James Bullard, Esther George, Claudio Borio, and Pablo García , will for sure shed some light on the importance of all these topics for current monetary policy and its expected evolution, including important questions that may remain unanswered. 5. Acknowledgements  4/5  BIS - Central bankers' speeches  I would like to especially thank Gianluca Violante for being the external organizer of this Conference, as well as Sofia Bauducco and Andrés Fernández for putting together such a wonderful program. I also thank all the speakers and contributors and look forward to the Conference volume that will be published thereafter. Let me finish by thanking María José Reyes, Constanza Martinelli, Carolina Besa, Daniela Gaete, Álvaro Castillo, and both the Public Affairs Department and the Economic Research Department of the CBC for all their invaluable help managing the logistics of organizing the first hybrid Annual Conference. Thank you and have a fruitful discussion over the next two days. 5/5  BIS - Central bankers' speeches
This is precisely why, the role played by data labs, such as the BELab of the Banco de España, is of paramount importance. Our BELab has been created with the aim of providing the research community with greater access to high-quality microdata, in a controlled environment that ensures data confidentiality, through on-site or remote means, depending on the sensitivity level of the data. In any case, although there has been some progress, the truth is that Spain is still lagging behind this global trend that is a genuine “data revolution”. To change the situation in Spain it is crucial to make citizens and governments aware that there is a cost to restrictions on access to data by the research community, as they will eventually result in less effective public policies. I trust that discussions of the papers to be presented at the conference over the next two days will bring us up to speed with the most advanced practices across the globe. Thank you very much and enjoy the sessions! 2