ECB-RESTRICTED
FINAL
Gabriel Quirós
Head of Macroeconomics
Statistics Division
European Central Bank
Quarterly Integrated
Euro Area Accounts
Joint ECB NBRM Seminar on Statistics
Skopje, 4 October 2013
Euro Area Accounts
• Why: ECB as a key user of statistics
• What are the EAA?
• How: Integration of data sources
• Results + Uses
Annexes:
1 New ECB Guideline: Changes from 2014
2 Additional examples of uses
3 Links to data and publications
2
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ECB as key user of European statistics
An evidence-based decision-making requires a large amount of high
quality European statistics
Primary objective of price stability
(annual increase in HICP of close but below 2% over the medium
term)
Governing Council takes
monetary policy decisions based
on an overall assessment of the
risks to price stability
Economic analysis
focusing on a wide range of
economic and financial
indicators (short to mediumterm risks to price stability)
crosschecking
Monetary analysis
(medium to long-term
trends in inflation)
Economic and financial information
4
What are the EAA ? Synopsis of
inputs + outputs
National
Financial
Accounts
Euro Area
Building blocks :
- BoP
- MFI
- IF + FVC
- ICPF
- GFS
Integrated Euro Area Accounts
Financial
Accounts
Quarterly ECB
Press Release
on Economic
and Financial
Developments
NonFinancial
Accounts
Quarterly Eurostat
Press Releases on
Household saving
+ Business
Investment
National
non-financial
accounts
Other :
BoP-euro area
European
Institutions
(ECB, ESM)
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What are the EAA?
Giving Indicators an Accounting Framework
GDP
M3
HH Consumption
Gov Deficit
Gov Debt
Available in 2007
Balance of Payments
M acro Economic Data
BSI Statistics (M FI Balance Sheets)
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Integrating data sources: National data
and euro area building blocks
STPFS
Quarterly Sector Accounts
Country Contributions
Quarterly Sector Accounts
Country Contributions
Balance of Payments
and
International Investment
Balance ofPosition
Payments
Euro Area Accounts
Euro Area Accounts
and
International Investment
Position
Monetary Union Financial Accounts
Country Contributions
Monetary Union Financial Accounts
Country Contributions
Security
Holding Statistics
Security
Statistics
MFI
Balance
Sheets
General
Government
Fin.
Acc.
The euro area accounts integrate a
large number of different data
sources
• Non-financial sector accounts
• Financial accounts: The ECB
“MUFA” Guideline
• Building blocks:
– Balance of Payments (BoP)
– MFI Balance Sheet Items (BSI)
– Quarterly Financial Accounts
for General Government
(QFAGG)
– …
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The MUFA Guideline and building blocks
Monetary Union Financial Accounts (MUFA) are compiled
by combining national data - coming through the ECB
MUFA Guideline - and euro area financial building blocks
Which criteria are followed when deciding the source for
each cell in the matrix ?
– Data reliability
– User needs and preferences
– Minimize horizontal imbalances
– Future development of the accounts, in particular in
terms of timeliness
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Data sources: National financial accounts
and building blocks (BSI, BOP, QFAGG)
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Uses – some example: Enriching monetary analysis
Financial investment by households
Annual growth rate
• Value of analysing M3
developments by
institutional sector
• Closer link between
M3 holdings by
households and price
developments (but
headline M3 still better
predictor of turningpoints)
1) Excluding money market fund shares.
*) Percentage point contributions to annual growth of financial investment.
• Looking at M3 against
total financial
investment / broader
portfolio of assets
• Role of OFIs and
ICPFs for financial
intermediation &
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Integrating real and financial perspectives
(NFC accumulation accounts : financing and investment)
Percentage of GDP, four-quarter moving sum
• Bulk of capital
formation financed
internally (gross
saving)*
• Role of equity
financing modest
(except 2000-01)
• Linked to financial
investment / M&A
• Resurgence of debt
financing after
consolidation
• Reduction of debt
financing in credit
crisis
* Internal financing (gross saving) includes retained earnings and
consumption of
fixed capital. It is broadly equivalent to earnings before depreciation but
after
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Changes in 2014: The new ECB MUFA Guideline
New financial instrument and sub-sector details due to
SNA 2008 and ESA 2010
• MUFA Guideline (quarterly), ESA TP (annual) and G-20
Financial accounts template are harmonised to a large degree
Additional user needs for quarterly Euro Area Accounts
• Publication of Euro Area Aggregates at t+90
=> transmission of selected “supplementary” qFA data at t+85 (82)
• Publication of national data
=> second transmission of detailed (revised) qFA at t+100 (97)
• Other changes in volume and revaluations for all instruments
• Whom-to-whom for securities (in addition to deposits and
loans)
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(See Annex 1 for more details)
Euro Area Accounts Overview
Thank you for your attention!
Any questions?
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Annex 1: New ECB Guideline: Changes from 2014
Data type
Content
Tables
Stocks
Supplementary
data for euro
area ggregate
(selected
items)
National data
- from first
transmission
National data
- w-t-w for
securities
National data
- additional
backdata
T1 – assets
T2 – liabilities
T4 – short-term loans
(w-t-w)
T5 – long-term loans
(w-t-w)
T1 – assets
T2 – liabilities
T3 – deposits (w-t-w)
T4 – short-term loans
(w-t-w)
T5 – long-term loans
(w-t-w)
T6 – short-term debt
securities
(w-t-w)
T7 – long-term debt
securities
(w-t-w)
T8 – listed shares
(w-t-w)
T9 – investment fund
shares
(w-t-w)
T1 – assets
T2 – liabilities
T3 – deposits (w-t-w)
T4 – short-term loans
(w-t-w)
T5 – long-term loans
(w-t-w)

Transactions
Other
changes
in
volume
Reference
period
2012Q4
onwards

1st
Reporting
date
Timeliness
Until December 2016:
t+85
Sep 2014
From March 2017
onwards: t+82



2012Q4
onwards
Sep 2014
Until December 2016:
t+100
From March 2017
onwards: t+97



2013Q4
onwards
Sep 2015
Until December 2016:
t+100
From March 2017
onwards: t+97


1999Q1–
2012Q3
Sep 2017
Until December 2016:
t+100
From March 2017
onwards: t+97
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Annex 2: Additional examples of uses
- ESRB : Households’ debt-to-gross disposable
income ratio
Notes: Gross disposable income adjusted for the change in net equity of households and pension fund reserves.
For Luxembourg, the first observation refers to 2008.
For Bulgaria the last observation refers to 2010. For Cyprus, Estonia, Greece, Hungary, Lithuania, Luxembourg,
Latvia, Romania, Slovakia and Slovenia the last observation refers to 2011. Data for Malta and Croatia are not
available.
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Net worth of households
Source ECB/Eurostat
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Households gross disposable income
Source ECB/Eurostat
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Annex 3: Where to find?
ECB Website:
Euro Area Accounts in Statistics : EAA Homepage
SDW Tables and downloads
• MOBU Tables: Integrated economic and financial accounts by
institutional sector, euro area non-financial accounts, households, nonfinancial corporations, insurance corporations and pension funds, and all
euro area accounts time series
• EAA Detailed Tables: Main indicators, integrated economic accounts,
institutional sectors, and who-to whom detail
• Country Tables : Euro area and other EU countries
Press releases : EAA – press release
Articles
• MOBU Article 2007 November
• MOBU Article 2011 October
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