ECB needed better data in 2008 crisis, says Lautenschläger

Sabine Lautenschläger

The European Central Bank needed better data at the onset of the 2008 financial crisis, Sabine Lautenschläger said on July 10.

“Aggregate data provided us with the big picture of the euro area economy and its financial markets,” the ECB governing council member told the ECB’s ninth statistics conference in Frankfurt. “But the big picture was too blurry. And, at times, it was downright misleading.”

The money markets are “a good example”, Lautenschläger said. Before the crisis, the ECB collected

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