National Accounts Working Party Working Party on Financial Statistics 1st December 2010 Introductory Remarks Martine Durand OECD Chief Statistician

-Report on MCM 2010 -Main highlights of CSTAT’s 2011-2012 Programme of Work and Budget - Implications for national accounts and financial statistics

Main Outcomes of MCM 2010 Paris, 27-28 May 2010

Main Outcomes of MCM 2010 Ministers endorsed the Secretary-General’s Strategic Orientations’ paper and the 6 priority areas he has identified for increased “horizontal work” over the next biennium : development green growth skills gender measuring progress anti-corruption Intermediate or final products on these priorities will be delivered on the occasion of the OECD 50th Anniversary MCM Held on 27-28 May Italy Chaired MCM - Australia and Norway Vice-Chairs All Accession and EE Countries participated STD wrote a background paper for the MCM, which I sent to you earlier for information

Main Outcomes of MCM 2010 (2) Ministers discussed sources of growth (e.g. Green Growth; Innovation; Trade and Investment) to build more resilient and productive economies and referred to Measuring Progress of Societies Ministers also discussed how to foster economic development and social progress in developing countries They endorsed a Declaration on Propriety, Integrity and Transparency in the Conduct of International Business and Finance The OECD Factbook with a special focus on the crisis was released at the OECD Forum during the MCM Many OECD countries need to reconcile support to a still fragile recovery with the need to move to a more sustainable fiscal path. We also need to take into account the international spill-overs of domestic policies. Now more than ever, we need to maintain co-operation at an international level.” (Read the full speech). With a huge debt burden weighing on many OECD countries and the strengthening recovery, the emergency fiscal measures provided by governments to tackle the crisis must be removed by 2011 at the latest, the Outlook says. It adds that the pace of such action must be appropriate to particular conditions and the state of public finances in each country.

CSTAT’s Strategic Orientations and Draft 2011-2012 PWB Main highlights

Structural Changes to CSTAT PWB Main activities have been regrouped into 6 core areas National Accounts and PPPs; Financial Statistics Composite Leading Indicators and other Short-Term Indicators International Trade and Competitiveness Indicators Business and Globalisation Indicators Labour and Households Statistics Coordination of OECD Statistical Work and Other Coordination Activities Under a single Output Area 6.2.1 : Statistical Coordination, Research, Collection and Dissemination

Priorities for 2011-12 As well as CSTAT’s own priorities: PWB reflects OECD-wide priorities relevant to CSTAT : Increased work with Enhanced Engagement Countries Measuring Progress Green growth New Sources of Growth: Follow-up to Innovation Strategy Gender Communications and Dissemination As well as CSTAT’s own priorities: Reinforcing core statistical information and IT infrastructure Developing new streams of methodological work Enhancing CSTAT’s coordination role Infrastructure and Dissemination --Coordinate developments of the OECD Statistical Information System for managing the full life-cycle of statistical data and metadata processing (from collection, validation and creation of output data to online dissemination and publication). -- Develop and enhance innovative data visualisation tools to provide new ways for communicating about statistics -- Review and revise the OECD Quality Framework and the Quality Review process. The framework was originally drafted in 2002. -- Promote use of SDMX within OECD and among member countries Methodological Work -NA: treatment CSTAT Coordination Role

Prioritisation of new activities and research projects Output Results Ranking 8.1.b. Environmental Accounts 1 7.2.c. Integrating Inequalities in SNA 2 7.2.b. Framework on Income, Expenditures and Wealth 3 1.3. Development of Quarterly Sectoral Accounts 4 8.3. Measurement of Intangible Assets 5 2.1.a. New Database on Trade Volumes and Unit Values 6 7.2.a. Development of Short-Term Households Living Conditions Indicators 7 3.1. New Indicators on Entrepreneurship 8 8.1.a. Stock and Flows of Key Natural Resources 9 8.2. Green entrepreneurship 10 Based on criteria developed by Chair, Brian Pink, and Bureau Member, Ms Jil Matheson Very good response rate. Thank all countries. All countries replied except ASL, GER and GRE Ranking used to Part I and CPF funding.

Implications for financial statistics and national accounts and the WPNA & WPFS

Improving and extending financial and non-financial accounts and related indicators Quarterly sector accounts: for the first time, the following data will be collected on quarterly basis Financial accounts Institutional investors Household assets and liabilities Non-financial sector accounts Environmental accounts (joint work with ENV) OECD contributes to revision of SEEA Measures of CO2 embodied in imports, using Input-Output tables Research on extended growth accounting and productivity measurement that take account of natural assets and environmental services

Improving and extending financial and non-financial accounts and related indicators (2) Disaggregation of household distribution of income account by income quintile: OECD/Eurostat Taskforce put in place Measures of own-account production of household services Decomposition of differences between growth rates of volume GDP and real disposable household income Intangible assets –beyond NA Estimates of human capital Measurement issues in conjunction with innovation capital (jointly with STI/NESTI)

Nearly all these issues are on the agenda of this meeting! STD, together with other directorates of OECD are engaged in all these directions of work. In view of the challenges ahead, there is a need for co-operation with other international organisations and national data providers

Thank you for your attention!