It bears repeating that a fiscal rule framework that ensures the sustainability of public finances is absolutely necessary for the smooth functioning of the monetary union. 13  The reform should align the framework with the structural economic transformations that have arisen since the very creation of the monetary union, including the developments in long-term interest rates and the potential growth of the economies, which are fundamental determinants of debt sustainability. These developments, which have been uneven across countries, together with the high disparity of the Member States’ current budgetary imbalances, would require rules that take a more individualised approach. The current framework also needs to be simplified, for example by establishing a rule for government expenditure growth that is anchored to the government debt-to-GDP ratio. Its hitherto scant capacity to ensure that countries build up fiscal buffers in good times for use in crises must also be improved. This requires improving the design of the system of incentives governing compliance with fiscal rules and possibly strengthening the role of independent fiscal institutions such as the Independent Authority for Fiscal Responsibility (AIReF). Making headway in the expansion of the public and private risk-sharing channels in the EU is also essential. In this regard, we need a permanent macroeconomic stabilisation mechanism in the euro area that complements monetary policy. To do so, it needs sufficient resources and revenue-raising and borrowing capacity.
Zdeněk Tůma: The importance of statistics - a central banker’s view Introductory speech by Mr Zdeněk Tůma, Governor of the Czech National Bank, at the conference “Statistics - investment in the future”, Prague, 6 September 2004. *  *  *  Good morning, Ladies and Gentlemen, Let me join my distinguished colleague, Head of the Czech Statistical Office, Mr Fischer and welcome you to this conference at the Czech National Bank’s Congress Centre. One reason the Czech National Bank is co-organising this event is our own involvement in the statistical field and consequently a close co-operation with the Czech Statistical Office. Statistics is somewhat overlooked by the general public who does not perceive it as an area of primary significance, unlike matters such as privatisation, corruption, bankruptcies, problems of the banking sector, functioning of the courts, law enforcement and the other major transformation issues. The less statistics is the subject of attention-grabbing articles and reports in the media, the more systematic work it requires. Work that is often very demanding, particularly as regards to data consistency and detailed profiles. Indeed, it is the level of detail which is subject to sensitive evaluation. That is why, one of the most difficult tasks in statistics is to strike a balance between the amount of information required and the burden laid on respondents. Statistical information is used not only for passive monitoring of past developments and their disclosure in statistical publications, but also as a basis for real-life decision-making by economic agents.