The ECB's contribution to the OECD-IMF Conference on quarterly sector accounts Reimund Mink European Central Bank Joint Meeting of the OECD Working Parties on National Accounts and Financial Statistics Paris, 1 December 2010

The G-20 information gaps initiative –Information gaps as an inevitable consequence of the ongoing development of markets and institutions are highlighted when a lack of timely, accurate information hinders the ability of policy makers and market participants to develop effective responses –Recent crisis has reaffirmed an old lesson good data and good analysis are the essentials of effective surveillance and policy responses at both the national and international levels –April 2009: G-20 Finance Ministers and Central Bank Governors Working Group on Reinforcing International Co-operation and Promoting Integrity in Financial Markets called on the IMF and the FSB to explore information gaps and provided appropriate proposals –Following widespread consultation a broad consensus over information gaps 20 recommendations to close information gaps revealed by the financial crisis

The G-20 information gaps initiative –Inter-Agency Group on Economic and Financial Statistics (IAG) has worked together to start closing some information gaps has contributed to the –The IMF-FSB G-20 Reports on data gaps (The Financial Crisis and Information Gaps, Reports to the G-20: November 2009 and June 2010); and –A IMF-FSB high-level conference in Basel (April 2010) –Recommendation 15 on information gaps states: The IAG, which includes all agencies represented in the Inter-Secretariat Working Group on National Accounts, to develop a strategy to promote the compilation and dissemination of the balance sheet approach (BSA), flow of funds, and sectoral data more generally, starting with the G-20 economies. Data on nonbank financial institutions should be a particular priority. The experience of the ECB and Eurostat within Europe and the OECD should be drawn upon. In the medium term, including more sectoral balance sheet data in the data categories of the Special Data Dissemination Standard could be considered. –Other recommendations on PGI website, Financial Soundness Indicators, IIP, GFS, CDS, public sector debt, real estate prices, etc.

Recommendation 15 and plan for a conference –Recommendation 15 calls for improved data on the balance sheet approach, flow of funds, and sectoral accounts –IMF has started work by creating an inventory of existing practices –Plan for a conference in early 2011 to take forward this work and to seek agreement on reporting needs based on existing frameworks of the IMF and the OECD –Invitation letter to attend an IMF/OECD Conference on Strengthening Sectoral Position and Flow Data in the Macroeconomic Accounts in Washington D.C. on 28 February – 2 March 2011 –The ECB’s contribution to the conference Focus on –The experience of the ECB and Eurostat within Europe and the OECD should be drawn upon –Data on nonbank financial institutions should be a particular priority

The ECB’s contribution to the conference –ECB proposals for Session 2: Balance sheet approach, flow of funds and whom to whom datasets: their analytical uses and defining a framework for integration –From-whom-to-whom framework (joint paper with IMF) Session 3: Status of the sectoral accounts –Quarterly sector accounts for the euro area Session 4: Country practices and challenges in compiling sectoral financial balance sheets and accumulation accounts –Developing and implementing sector accounts for the euro area