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European Statisticsprovided by the ECB
Werner Bier, Per Nymand-Andersen
European Central Bank
Committee for the Coordination of Statistical Activities (CCSA)
Twentieth Session, Frankfurt, 17-19 September 2012
Outline
1. European statistics
2. Core ESCB Statistics
3. Future challenges in statistics
4. Conclusion
Euro areaEuropean Union Member States
Special status
Derogation
The European statistical architecture
ECB & 27 NCBs Eurostat & 27 NSIsmoney, banking,
financial markets statistics
international reserves
effective exchange rates
quarterly financial accounts
general economic
statistics including;
HICPs, prices and costs
domestic and national output, expenditure and incomeShared: (i) balance of payments statistics; (ii) international
investment position statistics; (iii) financial and non-financial accounts; (iv) statistical infrastructure
Based on a Memorandum of Understanding (March 2003) Cross-participation in Committee work and substructures
3
European statistics provided by the ESCB
4
•ECB is a Supranational organisation
•The Treaty provides ECB with the competence to collect the full set of information needed to perform the tasks of the ESCB
• ECB Regulations
Directly applicable on economic agents – firms
• ECB Guidelines
Binding on central banks
Merits and cost procedures for all new statistics (benefit & cost analysis)
The ECB and the 27 NCBs work in a strong governance structure
• Develops new statistics and statistical methods
and prepares legal acts
• NCBs collect statistics on the basis of ECB legal
acts and submit harmonised datasets to the ECB
• ECB produces and releases (mainly) euro area statistics
Supplemented by statistics from international
organisations, surveys, market information and
ad hoc collections
European statistics provided by the ESCB
5
Monetary & financial market statistics
• Monetary aggregates and counterparts
• Balance sheet statistics of banks, investment funds, financial vehicle corporations and insurance corporations and pension funds
• Banks interest rates statistics
• Securities statistics, payments and securities settlement statistics, financial markets price and volume statistics, yield curves,
• Financial stability statistics, Securitisation (vehicle) statistics,
External statistics • Balance of payments, international investment position
(including international reserves),
• Effective exchange rates, international role of the euro
European statistics provided by the ESCB
6
Financial and non-financial euro area accounts
• Integrated quarterly accounts by institutional sector covering transactions, other flows and balance sheets
Government finance statistics • Revenue, expenditure, deficit, debt, deficit-debt
adjustments
General economic statistics • HICP, residential property price indicator, short-term
indicators, labour market statistics
Surveys • Access to finance of Small and Medium Enterprises
European statistics provided by the ESCB
7
8
• Common policy regarding the reuse of European System of Central Banks (ESCB) statistics
• Policy statement released on the central banks’ web-sites on Monday 3 September 2012
• The ESCB is committed to providing its statistics free of charge as a public good of high quality irrespective of any subsequent commercial or non-commercial use
• Link to ECB web-site with common policy statement
www.ecb.europa.eu/stats/html/escbstats.en.html
Policy on the free reuse of ESCB statistics
9
Future challenges in ESCB European statistics
1. Monetary policy Well developed More granularity
2. Financial stability analysis and support to the
ESRB
10
Future challenges in ESCB European statistics
11
Future challenges in ESCB European statistics
3. Data needs for ECB’s new supervisory role for the Banking Union (6.119 banks, July 2012) e.g. banking structures, solvency ratios, liquidity measures, outlook
4. Developing more micro-level information
sourcese.g. security-by-security & holdings information, loan-by-loan data
5. Enhance the integrated framework of euro area
accountse.g. whom-to-whom, more detailed sector classification, country coverage, timeliness, flows and stocks reconciliations
6. Introducing the ESA 2010/BPM6 in ESCB
statistics
12
Future challenges in ESCB European statistics
7. International engagementsi.e. UNSC, CCSA, G20, IAG, BIS, OECD, IMF, SDMX
8. New approaches for communicating statisticsi.e. user centric approach, two-way engagements, visualisations, video, statistics scientific publications, user friendly web-sites
•
Governing Council
• • • • •
Journalists/Media
Financial analysts
Policy Advisers
•
Data Vendors
General public
Research/Academia
Supplements
14
• Committee for the Coordination of Statistical Activities is now live on Wikipedia Link
• Description of the CCSA mandate
• Listing of the CCSA members with hyperlinks
• Links to the CCSA web-page as hosted by the UNSD
CCSA members are invited to test the CCSA entry on Wikipedia and
CCSA members are encourage to provide a hyperlink to the CCSA website as hosted by UNSD.
Supplement – CCSA on Wikipedia
15
Supplement – free reuse of statistics
16
Supplement – ISI Conference
• 59th World Statistics Congress25-30 August 2013 Hong Kong, China
• Co-organised by the Census and Statistics Department of the Government of Hong Kong and the ISI (International Statistics Institute).