Improvements in technology mean now is a good time to consider whether regulatory data collection is as efficient as it could be, the Bank of England’s James Proudman has said.

In prepared remarks for a conference, published on April 27, the BoE executive director said there were likely trade-offs in any decision to move to a new data-gathering architecture. Efficient systems come at a cost and speed may have to trade off against accuracy, he noted.

One “revolutionary approach” would be to