Some follow up work to the Data Gaps Initiative: Institutional Sector Accounts Side Event to the UNSC New York, 23 February 2011

Build-up of Risk in the Financial Sector Cross-border Financial Linkages Vulnerability of Domestic Economies to Shocks Improving Communication of Official Statistics # 2 Financial Soundness Indicators (FSIs) #5 Credit Default Swaps #7 Securities # 10, #11, #12 Coordinated Portfolio Investment Survey, International Banking Statistics, International Investment Positions #15 Institutional Sector Accounts # 17 Government Finance Statistics # 18 Public Sector Debt #19 Real Estate Prices #20 Principal Global Indicators (PGIs) # 3 Tail Risk in the Financial System #4 Aggregate Leverage and Maturity Mismatches; #6 Structured Products #8 and # 9 Global Network Connections and Systemically Important Global Institutions # 13 and #14 Financial and Nonfinancial Corporations’ Cross Border Exposures #16 Distributional Information There Exist Conceptual/ Statistical Frameworks and Ongoing Collection Conceptual Statistical Framework Needs Further Development DATA GAPS 6

Recommendation 15 Objective: expand the dissemination and reporting of detailed annual and quarterly sectoral accounts by both G20 and other advanced economies. Expansion involves improving the compilation of sectoral national accounts in terms of details (sub- sectors and asset details) and closing data gaps as well as developing financial balance sheets and flow of funds on a from-whom-to-whom basis.

Sector accounts Increasing integration of domestic and international markets, innovative products lead to changes in the nature of linkages among and within (sub)-sectors Important to understand the characteristics of (sub)- sectors and inter-linkages between them. Required: integrated statistical framework that presents macroeconomic statistics for all sectors and subsectors in a consistent way Framework is provided by the SNA But implementation has only been partial

2 Initiatives Taking stock and looking ahead: IMF/OECD conference on sectoral balance sheets Starting with existing data: coordinated work on quarterly institutional sector accounts starts between OECD, Eurostat, ECB and the IMF

IMF/OECD Conferenceon Strengthening Sectoral Position and Flow Data in the Macroeconomic Accounts February 28–March 2, 2011 Objectives: –reaching common understanding for improvements of sectoral data –working towards a minimum set of internationally comparable sectoral accounts –encourage compilation and dissemination by the G20 and other advanced economies.

7 Coordinated work on quarterly institutional sector accounts (1) OECD initiative, mandated by the OECD Committee on Statistics, supported by IAG Objectives: –Start compilation of quarterly sector accounts for OECD (+ non-OECD G20) countries –Contribute to PGI and Data Gaps Initiative –Coordinated data compilation with single template and agreed transmission process

Coordinated work on quarterly institutional sector accounts (2) EUROSTAT and ECB: financial and non-financial flows and stocks for countries and for European aggregates OECD: data for non-EU OECD countries IMF: data for non-EU, non-OECD countries/PGI Facilitated by exisiting harmonised template between OECD and Eurostat/ECB Data not always complete, sectoral data unavailable or unpublished But good starting point 8

In Summary Sector accounts (annual and quarterly) have been identified as essential statistics to monitor economies Framework exists (2008 SNA) But more needs to be done by way of implementation IAG has initated work Coordinated data collection has started among EU/OECD/G20 countries 9

Thank you! 10