The history of advance in many scientific disciplines has involved a two-way process of learning between theory and empirics, with theory motivating measurement at some times, and measurement motivating 12  theory at others, in a continuous feedback loop. One example of this approach, discussed by Governor Carney at the time the Bank’s own data analytics 13  programme was launched, concerns the dynamics of planetary motion. It was Sir Isaac Newton (a fellow  money-printer, as former Master of the Royal Mint) who developed the physical theory of celestial motion. But this theory was built on the empirical shoulders of another scientific giant, Johannes Kepler. When it comes to planetary motion, empirics first led theory, the inductive led the deductive. The same has been true, at times, when understanding the motion of economies and financial markets. Keynesian and Monetarist theory were both built on empirical experience during the Great Depression. The Phillips curve began life as a Kepler-esque empirical regularity, which was only subsequently given a Newtonian theoretical basis. Many puzzles in finance, which have taxed theorists for decades, began as 14  empirical anomalies in asset markets. In each case, empirics led theory, the inductive led the deductive. My lesson from all of this is clear. If that iterative learning process between empirics and theory is to continue to bear fruit in economics, then deductive and inductive approaches may need to share a broadly equal billing.
The higher is the trust in the institutions, the easier it is done. And institutions themselves build credibility in the times of crisis. The second lesson is adaptability. Although resilience and adaptability are linked, they are different in important ways. Resilience entails enduring a challenge, while adaptability refers to the ability to thrive beyond it. In the EU, progress on this front is evident. We have been moving from reactive policies to strategic decision-making. The recent crises brought about some tectonic institutional enhancements: the early months of the pandemic led to the establishment of the EU recovery fund, which constituted a breakthrough for the financial solidarity of member states. The Next Generation EU package provided an anchor for investment in the  2/4  BIS - Central bankers' speeches  green and digital transitions in a way that will support resilience and adaptability in the long term. Finally, the REPowerEU Plan aims to end dependence on Russian fossil fuels, but also entails measures for energy savings, new energy storage rules, and a strategy to buy energy together. That being said, adaptability is difficult to nurture, as we often tend to stick to existing patterns of behaviour and decision-making, especially when there is no imminent crisis that would push changes and force us to think outside the box. The last lesson that I'd like to mention (though you can derive more) is cooperation.