The amendment to Regulation (EC) No 2533/98 seeks to modernize the European Central Bank’s (ECB) statistical data collection in response to digital transformation and evolving economic challenges. Key objectives include more efficient gathering of detailed data and addressing emerging issues such as climate change and financial stability. The 'once-only' principle aims to minimize reporting burdens by avoiding duplicate submissions. Rules on confidential data protection are refined to prevent misuse while facilitating cooperation among authorities. Adjusting penalties for inflation ensures their deterrent effect remains effective over time.