1. Checks and balances of integrated economic accounts for the euro area Richard Walton European Central Bank Berne, 6-8 June 2007

2. Overview Euro area accounts Integration and reconciliation Value to Users

3. Euro area accounts Overview of euro area as a single economy Analytical value of institutional sectors Transactions between sectors Financial balance sheets Process of integration

4. Integration and reconciliation Completion of data Conformity with accounting conventions and statistical standards Consistency Plausibility

5. Value to Users 1/2 Unified accounting and methodological framework Quality of data improves Consistency of data improves Understanding of compilation process

6. Value to Users 2/2 Analysis of interaction of real and financial variables Economic activities of institutional sectors Consistent indicators in economic and monetary analysis

7. Conclusions Conceptual integration Practical integration Efficiency gains in practice Benefits to users