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

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European statistics provided by the ESCB

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•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

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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) 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

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Future challenges in ESCB European statistics

1. Monetary policy Well developed More granularity

2. 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

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

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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

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• 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

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Supplement – free reuse of statistics

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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).