Medium-term work programme for the ECB's statistical function (2009-2012)
Published: 10 July 2008
In accordance with Article 5 of its Statute, the ECB’s statistical function develops, compiles and disseminates the statistics and related statistical indicators necessary for the tasks of the European System of Central Banks (ESCB), with the assistance of the national central banks (NCBs). In addition, it makes these statistics and the supporting information available to both the general public and market participants.
The ECB statistics fall into three groups: monetary and financial statistics; external statistics; and euro area accounts and general statistics. The statistics generally relate to the euro area as a whole.
This document presents the medium-term work programme of the ECB’s statistical function, including a tentative prioritisation. This medium-term work programme will be reviewed periodically.
1. High priority
1.1 Filling of remaining gaps in ESCB statistics
This includes:
- the further enhancement of the system of quarterly sector accounts for the euro area (timeliness, completeness and consistency);
- the further development of the Centralised Securities Database and security-by-security reporting;
- the compilation of timely quarterly statistics on insurance corporations and pension funds;
- the further enhancement of MFI balance sheet and interest rate statistics;
- the regular compilation of statistics on assets and liabilities of investment funds;
- the regular compilation of statistics on financial vehicle corporations and MFI securitisation; and
- addressing requirements for micro-data on household and corporate finance, including small and medium-sized enterprises;
1.2 Statistical preparations for further enlargements of the European Union and/or euro area
1.3 Preparation of an enhanced legal framework for statistics (update of Council Regulation (EC) No 2533/98)
1.4 Facilitation of an enhanced re-use of available data for statistical purposes, in order to minimise the reporting burden
The aim is to elaborate on the opportunities and preconditions for an enhanced re-use and sharing of micro-data for statistical purposes at the national and/or euro area level so as to make such a data usage possible (also in technical terms).
Separate assessments may be made for business registers, (central) credit registers and central balance sheet offices, with a lower priority being given to the two latter cases.
1.5 Reconciliation of supervisory and statistical requirements for credit institutions
In order to minimise the reporting burden for respondents, the ECB will work on the reconciliation of supervisory and statistical reporting requirements that are addressed to credit institutions. The ECB will cooperate closely with the Committee of European Banking Supervisors (and its relevant sub-structures) so as to ensure that their specific competences and expertise are taken into account.
1.6 Promotion of the use of common statistical techniques at the euro area level
This relates to the assessment both of the pros and cons and of the feasibility of applying statistical techniques to specific statistics at the euro area (and national) level, with the primary aim to reduce the reporting burden, while still providing accurate data for the euro area as a whole. In addition, common tools will be enhanced (e.g. the register of financial institutions) and others may be applied for seasonal adjustment, back data estimation, etc.
1.7 Assessment of statistical gaps and/or needs in the light of the recent turmoil in the financial markets
1.8 Implementation of revised international statistical standards (SNA/ESA, BPM6)
2. Medium priority
2.1 Filling of remaining gaps in ESCB statistics
This includes:
- the further development of payment statistics;
- the regular monitoring of financial innovation (including means of covering innovative financial instruments);
- the further development of financial market statistics (volumes and prices); and
- the further development of balance of payments statistics.
2.2 Assessment of options for a rapid response to emerging user needs
The aim is to elaborate on the different options available for a response at short notice to the need to quantitatively assess the relevance of a particular financial innovation at the euro area level at an early stage, such as an ad hoc collection of data from selected key players by the respective NCBs.