Daniele Franco: Big Data & Machine Learning applications for central banks

Closing remarks by Mr Daniele Franco, Deputy Governor of the Bank of Italy, at the workshop on "Big Data & Machine Learning Applications for Central Banks", organized by the Bank of Italy, Rome, 22 October 2019.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Central bank speech  | 
10 December 2019

The workshop on 'Big Data & Machine Learning Applications for Central Banks' is coming to an end. Let me begin by thanking the speakers, discussants and participants.

This is the third workshop organized by Banca d'Italia on these issues. And it will not be the last. Why are we so interested in these topics?

A few days ago, the Chairman of the Federal Reserve, Jerome Powell, noted that monetary policy is data dependent. It is adjusted over time in response to new information about the state of the economy. Monetary policy must be based on timely and accurate data.

This is why central banks have always made great efforts when it comes to collecting and analysing data.