1. Some background information about official statistics in the European Union (EU) Martin Eiglsperger European Central Bank – DG Statistics* The 2008 World Congress on National Accounts and Economic Performance Measures for Nations Washington D.C., 12-17 May 2008 * The views expressed in this presentation are those of the author and do not necessarily reflect the views of the European Central Bank

2. Produced by –The European Commission, i.e. Eurostat, the Statistical Office of the European Communities –The European Central Bank (ECB) Memorandum of Understanding European Statistical System (ESS): Eurostat and the national statistical institutes of the EU European System of Central Banks (ESCB): The ECB and the National Central Banks (NCBs) of the euro area and the EU Official statistics in the EU (1) 1

3. Three prominent examples: Statistics produced by the Eurostat and the ESS: Harmonised Indices of Consumer Prices Statistics produced by the ECB and the ESCB: Monetary aggregates Balance of payments statistics (b.o.p): –ECB: compiles b.o.p. for the euro area –Eurostat: focuses on aggregates for the European Union Official statistics in the EU (2) 2

4. Relevant for the ECB are in particular: Non-official statistics: typically timelier and more forward-looking Official statistics: –Impartiality –International statistical standards (data and metadata) –Well-established system of production and further development; involvement of main users, e.g. the ECB, in working groups, steering groups, committees etc. Official vs. non-official statistics 3

5. Focuses on statistical outputs (Giovannini, OECD): Relevance Accuracy Comparability Coherence Timeliness and punctuality Accessibility and clarity Eurostat approach to statistical quality 4

6. The ECB Statistics Quality Framework (SQF) combines the principles of good governance and quality of processes and outputs (similar to the IMF approach) Sets forth the main quality principles and elements guiding the production of ECB statistics → internal processes + coordination with NCBs Addressees: –Users of ECB statistics –Data providers –ECB staff working on statistics ECB Statistics Quality Framework 5