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Briefing on the work of the Inter-agency Group on Economic and Financial Statistics Future organisation of the data flow among national and international agencies. Werner Bier Deputy Director-General Statistics European Central Bank. United Nations Statistical Commission 2012 Side Event
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Briefing on the work of the Inter-agency Group on Economic and Financial StatisticsFuture organisation of the data flow among national and international agencies Werner Bier Deputy Director-General Statistics European Central Bank United Nations Statistical Commission 2012 Side Event New York, 29 February 2012
Overview • Multilateral surveillance and policy coordination • Status quo of official statistics – achievements and challenges • Harmonised statistical reporting templates • Implementation of SDMX • Coordinated databases among international agencies • Reference websites incl. G-20/global aggregates 2
Multilateral surveillance and policy coordination I • The financial and economic crisis illustrates the degree of interdependence among major economic areas in a globalised world • Multilateral policy responses are crucial for strong, sustainable and balanced growth • Enhanced and globally-comparableeconomic and financial statistics/indicators are needed 3
Multilateral surveillance and policy coordination II Main requirements for official statistics due to enhanced multilateral surveillance and policy coordination • Comparable statistics/indicators for countries/ economic areas (e.g. public debt and fiscal deficits; private savings rate, private debt; external imbalance) • Easy accessibility of official statistics/indicators • G-20/global statistical aggregates (e.g. G-20 GDP) 4
Status quo of official statistics - achievements • International statistical standards/methodology, see “Global Inventory of Statistical Standards” • Fundamental Principles of Official Statistics and agreed Quality frameworks (e.g. IMF DQAF, European Statistical System Code of Practice, ESCB public commitment on European statistics and detailed quality reports) • Statistical Data and Metadata eXchange (SDMX) sponsored by international agencies and supported by the UN Statistical Commission 5
Status quo of official statistics - challenges • Core statistical reporting templatesharmonised among international agencies (scope, frequency, timeliness, revisions/vintages, seasonal adjustment, …) • World-wide and across statistical domains implementation of SDMX • Coordinated databases among international agenciesand reference websites • Agreements on the agencies that sponsor and the agency that releases G-20/global aggregates 6
Harmonised statistical reporting templates • The scope needs to be based on international statistical standards and user demand (e.g. due to multilateral surveillance) • The harmonisation commences with a core set within a statistical domain • First domains selected: government finance statistics, sector accounts, securities statistics, international investment position • Implementation timetableand commitments to be agreed with national and international agencies
Implementation of SDMX • IT standards and Content-oriented guidelines (see SDMX website) • Missing link: Data Structure Definitions (DSDs) and domain specific Code Lists • First priority for economic and financial statistics: coordinated DSDs for SNA 2008 and BPM6 • Second priority: “derived” DSDs, e.g. for GFS • DSD development and maintenance includinggovernance structures
Coordinated databases • Core parts of the databases of international agencies should be updated timely (within seconds! after new releases) and consistently. • Objective: automated (without manual intervention) interaction among websites applying SDMX (test : ECB – IMF) • Transition period: structured data flow from national to and among international agencies • Quality assurance: the quality of each time series is ensured by just one international agency
Reference websites incl. G-20/global aggregates • Reference websites sponsored by several international agencies for core indicators and harmonised reporting templates (e.g. the Principal Global Indicator (PGI) website) • Comparable statistics among countries/ economies including metadata • G-20/global aggregates and economy breakdowns (e.g. quarterly G-20 GDP growth rates at t+70) sponsored by several international agencies and released by one of them