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Regulatory framework for economic statistics of the euro area

Regulatory framework for economic statistics of the euro area. Richard Walton European Central Bank Berne, 6-8 June 2007. Overview. Legal framework in the European Union Integration of legal acts Organisation of European statistics The planning process Conclusions.

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Regulatory framework for economic statistics of the euro area

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  1. Regulatory framework for economic statistics of the euro area Richard Walton European Central Bank Berne, 6-8 June 2007

  2. Overview • Legal framework in the European Union • Integration of legal acts • Organisation of European statistics • The planning process • Conclusions

  3. Legal framework in the European Union • Treaty establishing the European Community Article 285 and the ESCB Statute • Council Regulation 2533/98 on the collection of statistical information by the ECB • ECB (DG-Statistics)/European Commission Memorandum of Understanding on economic and financial statistics

  4. Integration of legal acts (1) • Basis for all legal acts: SNA/ESA • SNA/ESA applies to the euro area as a whole • Some flexibility for valuation rules and time of recording

  5. Integration of legal acts (2) • Framework: SNA/ESA for the euro area • Legal acts follow SNA/ESA for European statistics: MFI balance sheets, interest rates, securities issues statistics, investment funds (in the future), Balance of Payments, Financial Accounts and Government Finance Statistics. • Integration by harmonised definitions • Integration by statistical domains

  6. Organisation of European statistics (I) • Distribution of responsibilities in statistics between NCBs and NSIs varies from country to country • At European level: Memorandum of Understanding Eurostat / ECB’s DG-Statistics (DG-S) • DG-S primarily responsible for: • monetary, financial institutions and financial markets statistics, international reserves and effective exchange rates statistics, quarterly financial accounts • Eurostat primarily responsible for: • general economic statistics

  7. Organisation of European statistics (2) • Shared responsibility: • balance of payments and international investment position statistics • euro area non-financial accounts for institutional sectors • statistical infrastructure (including units, classifications, confidentiality, seasonal adjustment, data transmission standards and quality framework) • Both institutions consult each other on statistical issues of common interest • ESCB provides advice (e.g. CMFB) and issues Opinions

  8. The planning process • Medium-term priorities for European statisitics • European coordination and cooperation • Consultation

  9. Conclusions • Effective mapping of methodology and legal acts. • Effective mapping of basic data within an integrated framework. • Organisation of statistics • Integrated legal acts to meet policy requirements. • Medium-term planning horizon.

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