European Statistics
provided 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 Union Member States
Euro area
Special status
Derogation
1. European statistics
2. Core ESCB Statistics
3. Future challenges in statistics
4. Conclusion
The European statistical architecture
ECB & 27 NCBs
money, banking, financial
markets statistics
international reserves
effective exchange rates
quarterly financial
accounts
Eurostat & 27 NSIs
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
3
European statistics provided by the ESCB
•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)
4
European statistics provided by the ESCB
 Supplemented by statistics from international organisations,
surveys, market information and ad hoc collections
 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
5
European statistics provided by the ESCB
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
6
European statistics provided by the ESCB
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
7
Policy on the free reuse of ESCB statistics
• Common policy regarding the reuse of European System
of Central Banks (ESCB) statistics
• Policy statement released on the central banks’ websites 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
8
Future challenges in ESCB European statistics
1. Monetary policy
Well developed
More granularity
2. Financial stability analysis and support to the ESRB
9
Future challenges in ESCB European statistics
10
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 sources
e.g. security-by-security & holdings information, loan-by-loan data
5. Enhance the integrated framework of euro area accounts
e.g. whom-to-whom, more detailed sector classification, country
coverage, timeliness, flows and stocks reconciliations
6. Introducing the ESA 2010/BPM6 in ESCB statistics
11
Future challenges in ESCB European statistics
7. International engagements
i.e. UNSC, CCSA, G20, IAG, BIS, OECD, IMF, SDMX
8. 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
Research/Academia
General public
Data Vendors
Policy Advisers
12
Supplements
Supplement – CCSA on Wikipedia
• 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.
14
Supplement – free reuse of statistics
15
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).
16