The implementation of the SDMX standards by the ECB and the European System of Central Banks Werner Bier (ECB) Gérard Salou (ECB) Sami Airo (Bank.

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Presentation transcript:

The implementation of the SDMX standards by the ECB and the European System of Central Banks Werner Bier (ECB) Gérard Salou (ECB) Sami Airo (Bank of Finland)

Presentation structure The SDMX data model and the ESCB systems ESCB/Eurosystem implementations of the SDMX standards in: data structures (compliant with the SDMX information model) data and metadata exchanges using SDMX-EDI (GESMES/TS) web dissemination interface to the statistical data warehouse euro reference exchange rates euro area aggregates and national breakdowns; example: the Bank of Finland implementation Costs and benefits Way ahead; conclusions

The SDMX data model (and star schema): the model is used in all layers of the ECB systems A FREQUENCY REF_AREA DE ADJUSTMENT N TRANSACTION B101 ASSET Z SECTOR CP_SECTOR USE_RES 2 DENOM SUFFIX 08 Observation 34955 TIME PERIOD 2005 …and associated attributes, e.g. observation status, etc. & «higher level» attributes, e.g. units methodological info, etc

Use of (SDMX-based) data structures In the exchange, storage and dissemination of all data and associated metadata In the internal system and the communication with partner institutions and the general public (SDMX-ML based extractions from the web site) Covering most domains of economic statistics (e.g. monetary and financial statistics, balance of payments, price indices, short-term statistics, real sector, government finance statistics, securities, etc.)

SDMX-EDI (GESMES/TS) used in all data file-based data exchanges ECB 7 EU NSIs ESCB 27 EU central banks IMF BIS EUROSTAT

The ECB statistical data warehouse on the web full support of extractions in SDMX-ML format

Euro reference exchange rates Extractions into SDMX-ML format

Euro area aggregates and national breakdowns ECB web site contents ● SDMX-ML ● mirrored NCB sources

Example: the ECB web page Extractions into SDMX-ML format

The mirrored Bank of Finland implementation Euro area aggregates and national breakdowns The mirrored Bank of Finland implementation

Example: the Bank of Finland (BoF) web page

How does this work? ECB database XML Data from ECB database SDMX v1 XSL Layout of ECB web site XSL Layout of BoF web site

SDMX-EDI data exchanges at BoF Statistics Finland ECB EUROSTAT ETLA OECD BIS IMF

Euro area aggregates and national breakdowns Achievements The ESCB statistics sites appear as a co-ordinated network with an entry point in all national central banks (NCBs) Users do not have to leave the NCB web site to consult ESCB data Look and feel of NCB web site can be applied Data is available in all Eurosystem national languages Translation into national language is done by XSL file and key family metadata

SDMX implementations: costs and benefits Initial investment in tools and expertise (small if there is already a proper database infrastructure); Maintenance (negligible, as compared with less automated means and tools) Benefits: Automation; efficiency; resources can be shifted to more important activities Minimum problem solving; Statistical harmonisation Common “language” and easy data sharing with others Flexibility; very fast and easy adaptation to other domains Rich metadata coverage Easy response to new requirements Great service to researchers; and to other domestic, European and other continents’ institutions structural metadata maintenance; technical maintenance

SDMX implementations: costs and benefits Rough estimates SDMX implementations in bulk data exchange - estimated savings: (at least) 120 FTE per year; also, lifespan of initial investment has been spectacular! The need for (very tiny only) changes in the basic technical infrastructure (write/read/load applications) has been negligible. SDMX benefits from the web dissemination: so far, mainly to the ECB/NCBs profile and credibility, benefits to the general public and other institutions; drastically reduced costs by not needing anymore “to send” data to institutions with which there are special agreements; benefits become even more significant (also for home and third parties’ users) as more and more institutions implement

A world-wide implementation: way ahead More SDMX implementations across the globe Reducing costs of data sharing to a minimum The ECB already offers euro area data in SDMX-ML (easily downloadable by other institutions’ applications) ECB users keen to benefit from the implementations of other continents’ institutions

Questions? http://www.ecb.int/stats/html/index.en.html Further information on the ECB statistics and SDMX: http://www.ecb.int/stats/html/index.en.html and then: “Data services” e-mail: sis.external@ecb.int (ECB) sami.airo@bof.fi (Bank of Finland) Thank you!