A user and producer's approach to increasing efficiency and effectiveness in statistics production: ECB experiences

Transcription

1 A user and producer's approach to increasing efficiency and effectiveness in statistics production: ECB experiences Steven Keuning Director-General Statistics, European Central Bank Conference on the Modernisation of Statistics Production Stockholm, 2 November 2009

2 Outline of the presentation Background First things first: a business register for European statistics From aggregated reporting to item-by-item reporting ESCB (and ESS) working as system(s) Concluding remarks

3 Background of the ESCB approach(es) Main purpose of ESCB statistics: monetary policy and other (growing) tasks of the ESCB => ESRB Continuously increasing use by Commission, market players, general public, journalists, researchers, etc Traditional methods to produce statistics no longer sufficient to meet new and very urgent users needs, in an environment of very scarce resources and response burden concerns Strategic vision for ESCB statistics of December 2007

4 A business register for European statistics Objective: a complete and unique common ESCB register for financial corporations, preferably shared with the ESS Optimally benefiting from comparative advantages of NCBs (financial corporations) and NSIs (non-financial corporations) ESCB experience: EU-wide MFIs and OFIs lists Possible next step: the EuroGroups register New challenges: Large and Complex Financial Groups

5 Micro-databases and item-by-item reporting (I) Financial turmoil confirmed the need of monitoring and understanding new developments at very early stage ESCB s Centralised Securities Database (CSDB): individual information on over 5 million securities, jointly maintained by the ESCB (daily prices for around 1 million securities) All NCBs have online access 1) to use the harmonised reference data across the EU; 2) to make immediate corrections as needed => joint data quality management concept and rules

6 Micro-databases and item-by-item reporting (II) Micro-databases such as the CSDB: Handle a wider range of (ad hoc) information requests Reduce the timeliness of statistics released Significantly reduce burden for respondents (data from own systems are reported at most once) Are used in several national and euro area statistics: increased national and international consistency

7 Micro-databases and item-by-item reporting (III) Current and prospective uses of the CSDB: Supports security-by-security compilation systems (by most NCBs) in the future possibly also loan-by-loan Used in b.o.p./i.i.p., investment funds statistics, government debt issuance statistics and (soon) securitisation statistics (by financial vehicle corporations) Might support both securities issues and securities holdings statistics in the future Very detailed securities holdings statistics are indispensable for the work of the future ESRB

8 Joint European outputs and joint dissemination Euro area accounts Unique collaborative ESCB / ESS output Increasingly important for ECB users High users satisfaction (and most used set of statistics), except for their timeliness ESCB data dissemination Statistical Data Warehouse: i) avoids storing the same data in multiple databases; ii) delivers the same vintage of statistics at any point in time Joint dissemination: selected euro area statistics and national breakdowns in one database, but with NCBspecific lay-out (no need to consult different national websites)

9 Concluding remarks More efficient and effective production also brings significant gains to users Accomodating emerging (ad hoc and regular) needs in a swift and flexible manner Reducing timeliness without reducing accuracy, owing also to technological progress Increasing consistency in the data sets Increasing accessibility of statistics There might be merits in exchanging good practices and in gaining from synergies between ESCB statistics and the enhanced European approach to ESS statistics

10 Annex 1: Opening screen of the SDW on the ECB website

11 Annex 2: The joint dissemination framework: different websites, the same content, the same appearance, in local language (I)

12 Annex 2: The joint dissemination framework: different websites, the same content, the same appearance, in local language (II)