Building a 21st-Century Policy Infrastructure

In remarks delivered at the Bank for International Settlements (BIS) Innovation Summit earlier this month, Claudia Buch, Chair of the Supervisory Board at the European Central Bank (ECB), called for the development of a 21st-century framework for policy, regulation, and supervision.

Seventeen years after the global financial crisis, banks face a landscape shaped by digitalisation, artificial intelligence, and geopolitical risk. While reforms have bolstered resilience, their benefits may be easily forgotten, Buch argued. As such, she urged the development of a 21st-century infrastructure that leverages timely evidence, comprehensive data, and advanced analytics to measure the actual effect of policy. Evidence-based policymaking, she noted, requires a complete cycle: setting objectives, defining indicators, designing measures, and evaluating outcomes.