1. House Price Developments in Europe
Peter Parlasca FRICS 19th European Real Estate Society Conference
Edinburgh, 13th-16 June 2012
14 June 2012
Peter Parlasca FRICS 19th ERES Conference

2. Outline Background Legal Framework Macroeconomic surveillance
Scoreboard Indicators
Data sources
On-going issues
Scoreboard website
House Price Indices (HPI) annual
Experimental Statistics quarterly
14 June 2012
Peter Parlasca FRICS: House Price Developments in Europe

3. Background
The financial crisis, the economic crises, and the sovereign debt crisis that swept over Europe in 2008 and the following years lead to a number of new EU Policy initiatives:
Van Rompuy Task Force report on Strengthening economic governance in the EU (21 October 2010)
Commission proposal of 29 September 2010 on an Enhanced Economic Policy Coordination
14 June 2012
Peter Parlasca FRICS 19th ERES Conference

4. Legal Framework
Macroeconomic Imbalance Procedure legal framework published in November “Six Pack”
Regulation (EU) No 1176/2011 of the European Parliament and of the Council on the prevention and correction of macroeconomic imbalances
Regulation (EU) No 1174/2011 of the European Parliament and of the Council on enforcement measures to correct excessive macroeconomic imbalances in the euro area
The role of Eurostat: Council Conclusions of 8 November 2011
The Council invites the Commission (Eurostat) to take all necessary initiatives to assure a reliable procedure for the compilation of these statistics as well as a continuous improvement of the underlying statistical information
14 June 2012
Peter Parlasca FRICS 19th ERES Conference

5. Macroeconomic surveillance (1)
Commission procedure aiming to the identification of emerging or persistent macroeconomic imbalances at an early stage
Based on a scoreboard consisting of a small number of relevant macroeconomic and macro-financial indicators
Compiled according to the principles of the European Statistics Code of Practice of the European Statistical System
Combined with thresholds defined by the Commission
Annual exercise: results published in the Alert Mechanism Report
14 June 2012
Peter Parlasca FRICS 19th ERES Conference

6. Macroeconomic surveillance (2)
MIP scoreboard indicators should not be regarded as either policy targets or policy instruments
their interpretation should be supplemented by economic judgment and country-specific expertise
The composition of the MIP scoreboard indicators may evolve over time
First Alert Mechanism Report published on 14th February
Together with Eurostat news release:
Macroeconomic Imbalance Procedure Scoreboard - Eurostat indicators to support the detection of macroeconomic imbalances
14 June 2012
Peter Parlasca FRICS 19th ERES Conference

7. Macroeconomic surveillance (3)
14 June 2012
Peter Parlasca FRICS 19th ERES Conference

8. Imbalance indicators public indebtedness private indebtedness
asset market developments: housing
evolution of private sector credit flow
evolution of unemployment
evolution of current account
net investment positions
real effective exchange rates
share of world exports
nominal unit labour cost
14 June 2012
Peter Parlasca FRICS 19th ERES Conference

9. Scoreboard indicators
14 June 2012
Peter Parlasca FRICS 19th ERES Conference

10. Data sources for House Price Indices
Eurostat is the main provider receiving data from National Statistical Institutes (NSIs)
The European Central Bank complements data based on contributions of the National Central Banks (NCBs)
14 June 2012
Peter Parlasca FRICS 19th ERES Conference

11. Ongoing issues House prices - legislation House prices - coverage
Adoption of the regulation on the regular compilation of harmonised data
House prices - coverage
Increasing number of EU Member States covered by the experimental house price statistics
14 June 2012
Peter Parlasca FRICS 19th ERES Conference

12. The scoreboard website
Dedicated section of the Eurostat website:
scoreboard website
Quarterly and additional data easily accessible in the same page
Data up-to-date
Data available for all member states
Users can also find metadata in the standard ESMS format
And, for each indicator, a direct link to a table containing longer time series
14 June 2012
Peter Parlasca FRICS 19th ERES Conference

13. House Price Indices (HPI) annual change
Hand out
14 June 2012
Peter Parlasca FRICS 19th ERES Conference

14. House Price Indices (HPI) annual
14 June 2012
Peter Parlasca FRICS 19th ERES Conference

15. Experimental House Price Indices - quarterly
Weblink:
14 June 2012
Peter Parlasca FRICS 19th ERES Conference

16. Contact Details Peter Parlasca FRICS European Commission EUROSTAT 5, rue Alphonse Weicker L-2721 Luxembourg Tel : (+352)
14 June 2012
Peter Parlasca FRICS 19th ERES Conference