European Statistics provided by the ECB

1. European Statisticsprovided 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

2. Outline European Union Member States Euro area • European statistics • Core ESCB Statistics • Future challenges in statistics • Conclusion Special status Derogation

3. The European statistical architecture ECB & 27 NCBs Eurostat & 27 NSIs • general economic statistics including; • HICPs, prices and costs • domestic and national output, expenditure and income • money, banking, financial markets statistics • international reserves • effective exchange rates • quarterly financial accounts • 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

4. 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 • Meritsandcostprocedures for all new statistics (benefit & cost analysis)

5. 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

6. 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

7. 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

8. Policy on the free reuse of ESCB statistics • Common policy regarding the reuse of European System of Central Banks (ESCB) statistics • Policy statement releasedon the central banks’ web-sites 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

9. Future challenges in ESCB European statistics • Monetary policy Well developed More granularity • Financial stability analysis and support to the ESRB

10. Future challenges in ESCB European statistics

11. Future challenges in ESCB European statistics • 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 • Developing more micro-level information sources • e.g. security-by-security & holdings information, loan-by-loan data • Enhance the integrated framework of euro area accounts • e.g. whom-to-whom, more detailed sector classification, country coverage, timeliness, flows and stocks reconciliations • Introducing the ESA 2010/BPM6 in ESCB statistics

12. Future challenges in ESCB European statistics • International engagements • i.e. UNSC, CCSA, G20, IAG, BIS, OECD, IMF, SDMX • 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 Financialanalysts Research/Academia General public Data Vendors Policy Advisers

13. Supplements

14. 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 hyperlinkto the CCSA website as hosted by UNSD.

15. Supplement – free reuse of statistics

16. 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).