Regulatory framework for economic statistics of the euro area Richard Walton European Central Bank Berne, 6-8 June 2007.

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Presentation transcript:

Regulatory framework for economic statistics of the euro area Richard Walton European Central Bank Berne, 6-8 June 2007

Overview Legal framework in the European Union Integration of legal acts Organisation of European statistics The planning process Conclusions

Legal framework in the European Union Treaty establishing the European Community Article 285 and the ESCB Statute Council Regulation 2533/98 on the collection of statistical information by the ECB ECB (DG-Statistics)/European Commission Memorandum of Understanding on economic and financial statistics

Integration of legal acts (1) Basis for all legal acts: SNA/ESA SNA/ESA applies to the euro area as a whole Some flexibility for valuation rules and time of recording

Integration of legal acts (2) Framework: SNA/ESA for the euro area Legal acts follow SNA/ESA for European statistics: MFI balance sheets, interest rates, securities issues statistics, investment funds (in the future), Balance of Payments, Financial Accounts and Government Finance Statistics. Integration by harmonised definitions Integration by statistical domains

Organisation of European statistics (I) Distribution of responsibilities in statistics between NCBs and NSIs varies from country to country At European level: Memorandum of Understanding Eurostat / ECB’s DG-Statistics (DG-S) DG-S primarily responsible for: monetary, financial institutions and financial markets statistics, international reserves and effective exchange rates statistics, quarterly financial accounts Eurostat primarily responsible for: general economic statistics

Organisation of European statistics (2) Shared responsibility: –balance of payments and international investment position statistics –euro area non-financial accounts for institutional sectors –statistical infrastructure (including units, classifications, confidentiality, seasonal adjustment, data transmission standards and quality framework) Both institutions consult each other on statistical issues of common interest ESCB provides advice (e.g. CMFB) and issues Opinions

The planning process Medium-term priorities for European statisitics European coordination and cooperation Consultation

Conclusions Effective mapping of methodology and legal acts. Effective mapping of basic data within an integrated framework. Organisation of statistics Integrated legal acts to meet policy requirements. Medium-term planning horizon.