The ECB works closely with the European institutions and the financial industry on statistical matters.
Responsibility for statistics at the European level is shared between the ECB and the European Commission through Eurostat, the EU’s statistical office.
The exact division of labour is laid out in the following documents:
The statistical function of the European System of Central Banks (ESCB) and that of the European Statistical System (ESS – a partnership involving Eurostat and national statistical institutes) cooperate on both an operational and a strategic level.
The ECB also maintains close relationships with other international organisations in statistical matters. Wherever possible, ECB statistics conform to international standards.
The ESCB Statistics Committee exchanges information and views with representatives of the banking industry on new and ongoing initiatives in the field of ESCB statistics via the “Banking Industry Dialogue on ESCB statistics”.
The “Banks’ Corner” of the Our Statistics website is a download area where EU banks can access key euro area and national statistics.
The European System of Central Banks cooperates with banks on technical issues through the Banks’ Integrated Reporting Dictionary (BIRD) project and the Integrated Reporting Framework (IReF), which both aim to integrate banks’ reporting across statistical domains and countries.
The international statistical standards are a globally agreed set of recommendations on how to measure domestic and external economic developments.
Statistics that are based on these standards include those on money, credit, banking and financial corporations, as well as those on macroeconomics and the balance of payments.
There are two main standards:
The SNA 2008 and the BPM6 are fully consistent in terms of methodological requirements and sector classifications, making it possible to analyse the interaction of resident sectors with the rest of the global economy.