Agenda item 10 Impact of globalisation on national accounts Impact of the financial crisis Peter Bull, Jean-Marc Israël, Reimund Mink Directorate General.

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Presentation transcript:

Agenda item 10 Impact of globalisation on national accounts Impact of the financial crisis Peter Bull, Jean-Marc Israël, Reimund Mink Directorate General Statistics, ECB UN-ECE, Geneva, April 2010

Outline of the paper Origins of the financial crisis Revisions to international statistical standards meeting needs revealed by the crisis Gaps and measurement issues revealed by the crisis What is being done about them

Origins of the crisis Bubbles Imbalances Instrument complexity/financial interrelationships/underpricing of risk/perverse incentives

Revisions to international statistical standards Globalisation reflected in 2008 SNA Financial innovation reflected in 2008 SNA - Financial groups/conglomerates/multinationals/SPEs - Treatment of complex financial instruments/operations - Emphasis on balance sheets

Gaps and measurement issues revealed by the crisis Main studies – Issing Committee, report to G-20 Finance Ministers and Governors - Better data relating to risk - Information on interconnectedness of institutions/markets - Sectoral economic and financial datasets - Securities databases/credit registers - Information on residential/commercial property prices

What is being done about them? Principal Global Indicators (separate presentation by UNSD) Better measurement of credit risk Bridging statistical/supervisory data Large banking/insurance groups Handling securitisation Enhancing financial accounts – more counterpart information, some non-financial assets in balance sheets Securities holding statistics Micro datasets – securities, credit registers, surveys of household/SME financial positions Prospect of the ESRB (early 2011?; to be supported statistically by ECB)