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Transparency in developing new ECB regulations on European statistics

European statistics produced by the European System of Central Banks (ESCB) are compiled following the statistical principles of impartiality, objectivity, professional independence, cost-effectiveness, statistical confidentiality, minimisation of the reporting burden and high output quality (including reliability). These principles are referred to in Council Regulation (EC) 2533/98 and the definitions are published on the ECB’s website as part of a Public commitment on European statistics by the ESCB .

In line with the principle of minimisation of the reporting burden, the ESCB has, since 2000, regularly been conducting merits and costs procedures as part of its impact assessment, which it carries out for all new regulations on European statistics.

To enhance transparency, the ECB has decided that in future the impact assessment for new ECB regulations on European statistics may also include a public consultation. The Governing Council will decide on the final regulations after the end of the relevant public consultation. See Governing Council decisions, October 2016: Increased transparency in ECB regulations on European Statistics.

The ECB’s impact assessment follows the transparency practices of the European Parliament, the Council of the European Union and the European Commission.

Timeline of the ECB’s impact assessment

Chart illustrating the merits and costs procedure and public consultation in the process of establishing new ECB regulations for European statistics

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