1. Planning and development of integrated economic statistics in Europe The case of euro area financial statistics Werner Bier European Central Bank Berne, 6-8 June 2007

2. Overview Euro area statistics – basic requirements Financial statistics – main areas Euro area financial statistics – foundations Euro area financial statistics – consistency Automated data exchange and dissemination

3. Euro area statistics – basic requirements Euro area = 13 countries plus ECB Euro area aggregates (Harmonised) national results Harmonised national contributions to euro area aggregates Coordinated release and revision policy Automated data exchange and dissemination

4. Financial statistics – main areas Monetary aggregates Money issuing sector, money holding sector(s) (What is a “bank” in the euro area?) Monetary financial institutions (bank) balance sheet aggregated and consolidated Non-monetary financial corporations Securities issues statistics MFI (bank) interest rates, Government bond yields External transactions and positions (BoP/IIP) Monetary presentation of the balance of payments Financial balance sheets, transactions, other flows

5. Euro area financial statistics – foundations (1) Money issuing sector must be defined first! The ESA/SNA is adjusted to the definition of the money issuing sector! Financial corporations sector is split into MFIs (banks), insurance corporations and pension funds and rest (currently S.123 and S.124) Counterparties to MFIs (banks) classified according to ESA/SNA sectors

6. Euro area financial statistics – foundations (2) The ESA/SNA financial asset categories are applied, but further breakdowns are defined (e.g. for deposits). Valuation rules and time of recording follow the business accounting standards for very timely monthly statistics Derivation of transactions from stocks (by eliminating other changes) or collecting transactions

7. Euro area financial statistics – consistency (1) Monetary presentation of the balance of payments ETB + ETN = 0 (BoP equation) Δ M3 = ETB + Δ DC + OTR (MFI balance sheet)  Δ M3 = - ETN + Δ DC + OTR ETN – net external transactions of non-banks ETB – net external transactions of banks Δ DC – transactions in domestic credit OTR – other net transactions with residents

8. Euro area financial statistics – consistency (2) Euro area financial accounts (financial balance sheets, transactions and other changes) as part of the Euro area (sector) accounts Euro area MFI balance sheet building block Euro area BoP / IIP building block Euro area general government building block Priority of euro area statistics consistency over consistency with national results Consistency with non-financial accounts

9. Automated data exchange and dissemination Common subject-matter domain guidelines for exchanging data and metadata (SDMX, GESMES/TS key families) Joint Eurosystem dissemination framework for coordinated publications of (1) euro area aggregates and (2) national results or national contributions to the euro area aggregates