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ECB initiatives for comprehensive, consistent and timely statistics for the euro area

ECB initiatives for comprehensive, consistent and timely statistics for the euro area. Deputy Director-General Statistics, ECB. Werner Bier. Developing euro area monetary and financial statistics under an integrated framework.

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ECB initiatives for comprehensive, consistent and timely statistics for the euro area

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  1. ECB initiatives for comprehensive, consistent and timely statistics for the euro area Deputy Director-General Statistics, ECB Werner Bier

  2. Developing euro area monetary and financial statistics under an integrated framework • Legal framework for ECB statistics (European Community Treaty; ESCB/ECB Statute; EU Council Regulation 2533/98); ECB legal acts, MoU with Eurostat • ECB statistics for monetary policy (conduct and operation), payment and security settlements and financial stability purposes • Methodological basis (sector and financial asset/liability classification): SNA 1993/ European System of Accounts (ESA) 1995 • Monetary and financial statistics integrated in the ESA framework; set of macro-prudential indicators on a consolidated group basis • Monetary financial institutions (MFIs ~ banks) detailed balance sheets and interest rates, published monthly within 19 and 26 working days respectively • Insurance Corporations and Pension Funds • OFIs: enhanced statistics on Investment funds (including hedge funds) in 2009 and Financial vehicle corporations and MFI securitisations in 2010 • Centralised Securities Database (CSDB) security-by-security and collection ofsecurity-by-security holding statistics

  3. Developing euro area economic and financial statistics under an integrated framework • Close cooperation between the European System of Central Banks (ESCB) and the European Statistical System (ESS) • Annual Status Reports on the Information Requirements in the Economic and Monetary Union adopted by EU Ministers • Joint compilation of integratedEuro area accounts (transactions, (financial) balance sheets and other changes); quarterly, aim by 90 days • Joint compilation of integrated Balance of payments statistics (including the international investment position and other changes as well as a geographical breakdown by counterpart country); quarterly, aim by 90 days • “Building-block approach”or vertical integration of primary (macroeconomic) statistics and national/euro area accounts • Development of a joint Business register (for multinationals)

  4. Conclusions • Comprehensive, consistent and timely statistics support best the economic and monetary analyses and decision-making • Globalisation requires also global statistics: comparable statistics world-wide and timely world-aggregates (e.g. quarterly GDP at day-60) • Principal Global Economic Indicators (PEGIs): set of economic, financial and macro-prudential indicators for the systemic relevant countries plus related world and regional aggregates compiled by the respective international and supranational institutions • Integrated statistics are most efficiently produced by an integrated production process, if possible, based on flexible micro-databases • Cooperation with other standard setters beyond the area of statistics (e.g. supervisory authorities, market regulators)

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