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Briefing on the work of the Inter-agency Group on Economic and Financial Statistics Future organisation of the data flow among national and international agencies

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Title: Briefing on the work of the Inter-agency Group on Economic and Financial Statistics Future organisation of the data flow among national and international agencies


1
Briefing on the work of the Inter-agency Group on
Economic and Financial Statistics Future
organisation of the data flow among national and
international agencies
  • Werner Bier
  • Deputy Director-General Statistics
  • European Central Bank

United Nations Statistical Commission 2012 Side
Event New York, 29 February 2012
2
Overview
  • Multilateral surveillance and policy coordination
  • Status quo of official statistics achievements
    and challenges
  • Harmonised statistical reporting templates
  • Implementation of SDMX
  • Coordinated databases among international
    agencies
  • Reference websites incl. G-20/global aggregates

2
3
Multilateral surveillance and policy coordination
I
  • The financial and economic crisis illustrates the
    degree of interdependence among major economic
    areas in a globalised world
  • Multilateral policy responses are crucial for
    strong, sustainable and balanced growth
  • Enhanced and globally-comparable economic and
    financial statistics/indicators are needed

3
4
Multilateral surveillance and policy coordination
II
  • Main requirements for official statistics due to
    enhanced multilateral surveillance and policy
    coordination
  • Comparable statistics/indicators for countries/
    economic areas
  • (e.g. public debt and fiscal deficits private
    savings rate, private debt external imbalance)
  • Easy accessibility of official statistics/indicato
    rs
  • G-20/global statistical aggregates (e.g. G-20 GDP)

4
5
Status quo of official statistics - achievements
  • International statistical standards/methodology,
    see Global Inventory of Statistical Standards
  • Fundamental Principles of Official Statistics and
    agreed Quality frameworks (e.g. IMF DQAF,
    European Statistical System Code of Practice,
    ESCB public commitment on European statistics and
    detailed quality reports)
  • Statistical Data and Metadata eXchange (SDMX)
    sponsored by international agencies and supported
    by the UN Statistical Commission

5
6
Status quo of official statistics - challenges
  • Core statistical reporting templates harmonised
    among international agencies (scope, frequency,
    timeliness, revisions/vintages, seasonal
    adjustment, )
  • World-wide and across statistical domains
    implementation of SDMX
  • Coordinated databases among international
    agencies and reference websites
  • Agreements on the agencies that sponsor and the
    agency that releases G-20/global aggregates

6
7
Harmonised statistical reporting templates
  • The scope needs to be based on international
    statistical standards and user demand (e.g. due
    to multilateral surveillance)
  • The harmonisation commences with a core set
    within a statistical domain
  • First domains selected government finance
    statistics, sector accounts, securities
    statistics, international investment position
  • Implementation timetable and commitments to be
    agreed with national and international agencies

8
Implementation of SDMX
  • IT standards and Content-oriented guidelines (see
    SDMX website)
  • Missing link Data Structure Definitions (DSDs)
    and domain specific Code Lists
  • First priority for economic and financial
    statistics coordinated DSDs for SNA 2008 and
    BPM6
  • Second priority derived DSDs, e.g. for GFS
  • DSD development and maintenance including
    governance structures

9
Coordinated databases
  • Core parts of the databases of international
    agencies should be updated timely (within
    seconds! after new releases) and consistently.
  • Objective automated (without manual
    intervention) interaction among websites applying
    SDMX (test ECB IMF)
  • Transition period structured data flow from
    national to and among international agencies
  • Quality assurance the quality of each time
    series is ensured by just one international
    agency

10
Reference websites incl. G-20/global aggregates
  • Reference websites sponsored by several
    international agencies for core indicators and
    harmonised reporting templates (e.g. the
    Principal Global Indicator (PGI) website)
  • Comparable statistics among countries/ economies
    including metadata
  • G-20/global aggregates and economy breakdowns
    (e.g. quarterly G-20 GDP growth rates at t70)
    sponsored by several international agencies and
    released by one of them
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