European Central Bank – DG Statistics OECD/Eurostat Task Force on revisions: Outcome and implementation at the ECB agenda item 8 “Revisions” Heinz Dieden European Central Bank – DG Statistics Eurostat Working Group on Euroindicators Luxembourg, 4-5 December 2008

OECD/Eurostat TF on revisions analyses (1) 2 OECD/Eurostat TF on revisions analyses (1) TF: co-chair OECD and Eurostat; 2006 – 2008 Members from US, CD, DE, IT, NL, UK, ECB Refers to infra-annual economic statistics Comprehensive mandate/”Terms of Reference” Formal adoption by OECD’s CSTAT and SPC during 2009

OECD/Eurostat TF on revisions analyses (2) 3 OECD/Eurostat TF on revisions analyses (2) Conclusions from the TF: 1) TF Guidelines on OECD website: OECD Revision Analysis Framework 2) Revision Policy Each NSI should define a general revision policy framework, applicable to all its infra-annual statistics Publicly available; appropriate communication Stable over sufficiently long time

OECD/Eurostat TF on revisions analyses (3) 4 OECD/Eurostat TF on revisions analyses (3) 3) Revisions process Release and revision calendars Availability of real-time database Regular monitoring and analysis of revisions  relevant for ECB users Revisions analysis as diagnostic tool

Implementation for STS in the ECB (I) 5 Implementation for STS in the ECB (I) Regular monitoring and analysis of revisions - for selected short-term euro area indicators: industrial production new orders retail trade turnover construction production Aim: together with the release by Eurostat, provision of standardised summary results of revisions analysis Draft proposal; not yet implemented

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Implementation for STS in the ECB (III) 7 Implementation for STS in the ECB (III) Part 1: Latest release

Implementation for STS in the ECB (IV) 8 Implementation for STS in the ECB (IV) Part I1: Historic revisions (Jan 2004 – July 2008)

Implementation for STS in the ECB (V) 9 Implementation for STS in the ECB (V) Part III: Chart: Differences first – current values

Thanks for your attention Thanks for your attention! Feedback welcome on: Selection of revision indicators appropriate? Presentation in tables and charts suggested? Similar applications in “your” institute?