David Ramsden: Message received and understood

Speech (remotely) by Sir David Ramsden, Deputy Governor for Markets, Banking and Resolution of the Bank of England, at a conference by the Bank of Lithuania and the Bank for International Settlements (BIS) on the "Future of Central Banking", 29 September 2022. 

Central bank speech  | 
30 September 2022

Introduction

Thank you very much for the invitation to join this panel today and I am very sorry I can't be with you in Vilnius. Real-time market developments kept me here in London, but I'm grateful to the organisers from the Central Bank of Lithuania and from the BIS for allowing me to contribute virtually to the Bank's 100th birthday conference.

I really welcome the focus of this panel on data since having access to fast, accurate, appropriately structured data is critical in equipping central banks with the knowledge they need to function in order to meet their objectives.

The Bank of England's mission to deliver monetary and financial stability is a broad and deep one. We need a similarly broad pool of data of varying depths to fulfil our mission. In 15 minutes I cannot hope to do justice to the variety of data we need to get a clear picture of the economy, the financial system as a whole and the firms we regulate in order to frame action. Last year the Bank and PRA published our data strategy, joint with the FCA, setting out how we will transform our collection and use of data to fulfil our responsibilities as a supervisor and regulator.