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European Central Bank Berne, 6-8 June 2007

Planning and development of integrated economic statistics in Europe The case of euro area financial statistics Werner Bier. European Central Bank Berne, 6-8 June 2007. Overview. Euro area statistics – basic requirements Financial statistics – main areas

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European Central Bank Berne, 6-8 June 2007

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  1. Planning and development of integrated economic statistics in EuropeThe case of euro area financial statisticsWerner Bier European Central Bank Berne, 6-8 June 2007

  2. Overview • Euro area statistics – basic requirements • Financial statistics – main areas • Euro area financial statistics – foundations • Euro area financial statistics – consistency • Automated data exchange and dissemination

  3. Euro area statistics – basic requirements • Euro area = 13 countries plus ECB • Euro area aggregates • (Harmonised) national results • Harmonised national contributions to euro area aggregates • Coordinated release and revision policy • Automated data exchange and dissemination

  4. Financial statistics – main areas • Monetary aggregates • Money issuing sector, money holding sector(s) (What is a “bank” in the euro area?) • Monetary financial institutions (bank) balance sheet aggregated and consolidated • Non-monetary financial corporations • Securities issues statistics • MFI (bank) interest rates, Government bond yields • External transactions and positions (BoP/IIP) • Monetary presentation of the balance of payments • Financial balance sheets, transactions, other flows

  5. Euro area financial statistics – foundations (1) • Money issuing sector must be defined first! • The ESA/SNA is adjusted to the definition of the money issuing sector! • Financial corporations sector is split into MFIs (banks), insurance corporations and pension funds and rest (currently S.123 and S.124) • Counterparties to MFIs (banks) classified according to ESA/SNA sectors

  6. Euro area financial statistics – foundations (2) • The ESA/SNA financial asset categories are applied, but further breakdowns are defined (e.g. for deposits). • Valuation rules and time of recording follow the business accounting standards for very timely monthly statistics • Derivation of transactions from stocks (by eliminating other changes) or collecting transactions

  7. Euro area financial statistics – consistency (1) • Monetary presentation of the balance of payments • ETB + ETN = 0 (BoP equation) • Δ M3 = ETB + Δ DC + OTR (MFI balance sheet) •  Δ M3 = - ETN + Δ DC + OTR ETN – net external transactions of non-banks ETB – net external transactions of banks Δ DC – transactions in domestic credit OTR – other net transactions with residents

  8. Euro area financial statistics – consistency (2) • Euro area financial accounts (financial balance sheets, transactions and other changes) as part of the Euro area (sector) accounts • Euro area MFI balance sheet building block • Euro area BoP / IIP building block • Euro area general government building block • Priority of euro area statistics consistency over consistency with national results • Consistency with non-financial accounts

  9. Automated data exchange and dissemination • Common subject-matter domain guidelines for exchanging data and metadata (SDMX, GESMES/TS key families) • Joint Eurosystem dissemination framework for coordinated publications of (1) euro area aggregates and (2) national results or national contributions to the euro area aggregates

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