ECB initiatives for
comprehensive, consistent and timely
statistics for the euro area
Werner Bier
Deputy Director-General Statistics, ECB
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 of security-by-security holding statistics
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 integrated Euro 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)
Conclusions
 Comprehensive, consistent and timely statistics support best the
economic and monetary analyses and decision-making
 Globalisation requires also global statistics: comparable statistics worldwide 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)