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

European statistics

Core ESCB Statistics

Future challenges in statistics

Conclusion

Euro area

Special status

Derogation

The European statistical architecture

ECB & 27 NCBs

Eurostat & 27 NSIs

money, banking, financial markets statisticsinternational reserveseffective exchange ratesquarterly financial accounts

general economic statistics including;HICPs, prices and costs domestic and national output, expenditure and income

Shared: (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

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European statistics provided by the ESCB

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ECB is a Supranational organisationThe 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

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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

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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

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Common policy regarding the reuse of European System of Central Banks (ESCB) statisticsPolicy 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

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Future challenges in ESCB European statistics

Monetary policy Well developed More granularity Financial stability analysis and support to the ESRB

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Future challenges in ESCB European statistics

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Future challenges in ESCB European statistics

Data needs for ECBs new supervisory role for the Banking Union (6.119 banks, July 2012)

e.g. banking structures, solvency ratios, liquidity measures, outlook

Developing more micro-level information sources

e.g. security-by-security & holdings information, loan-by-loan data

Enhance the integrated framework of euro area accounts

e.g. whom-to-whom, more detailed sector classification, country coverage, timeliness, flows and stocks reconciliations

Introducing the ESA 2010/BPM6 in ESCB statistics

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Future challenges in ESCB European statistics

International engagements

i.e. UNSC, CCSA, G20, IAG, BIS, OECD, IMF, SDMX

New approaches for communicating statistics

i.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

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Committee for the Coordination of Statistical Activities is now live on Wikipedia LinkDescription of the CCSA mandateListing of the CCSA members with hyperlinksLinks 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

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Supplement free reuse of statistics

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Supplement ISI Conference

59th World Statistics Congress

25-30 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).

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