1. Benefits of integrated economic statistics for central bank users Richard Walton European Central Bank Berne, 6-8 June 2007

2. Overview Why are integrated economic statistics a good idea? Benefits of integration Uses of integrated economic statistics Value to Users Case study of euro area accounts

3. Why are integrated economic statistics a good idea? The “concept of integrated economic statistics” Consistent policy messages Statistical quality assurance User/Compiler model Communication is the message Conceptual integration Practical integration

4. Benefits of integration Consistency of data outputs Consistency in data inputs Consistency in data processes Consistency in time series analysis Reduced response burden Promotes best practices

5. Uses of integrated economic statistics Integration and reconciliation Following international statistical standards Counterpart data to fill “gaps” Balancing the accounts

6. Value to Users Value for monetary policy analysis Value for financial stability analysis A model to measure financial innovation A model to assess “signals” of short-term indicators

7. Case study of euro area accounts Consistency between financial and non-financial statistics Consistency in data methodology Consistency in numerical linkages

8. Conclusions A single framework provides benefits to users Benefits are completeness and accuracy Consistency in accounts is valued One model provides coherent messages