1. 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

2. 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

3. 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

4. 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

5. 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

6. 6

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

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

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

10. 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?