2.2 Economic accounts (ECB)
• In coordination with Eurostat, implement the revised European legislation on national accounts, i.e. the European System of national and regional accounts in the Community (ESA2010) in all related EU and ECB legal acts to achieve a simultaneous ESA 2010 implementation in 2014.
• Further develop the system of quarterly integrated accounts by institutional sector for the euro area (the area formed by those European Union (EU) Member States whose currency is the euro), also aiming at further enhancing the consistency between different statistics and its timeliness. These euro area accounts are prepared by the ECB and the National Central Banks, together with Eurostat and the national statistical institutes. The sectors covered are non-financial corporations, financial corporations, government, households and the rest of the world. Further milestones include a timelier delivery, no later than 90 days after the reference quarter, and the extension of the accounts to the 27 EU Member States.
• Contribute to the development of international statistics standards through, for example, an active participation in the Advisory Expert Group on National Accounts, which following the revision of 2008 SNA, is in charge of the long-term Research Agenda.
2.3 Business statistics (ECB)
• Compilation of quarterly euro area business demography indicators.
• Compilation of monthly seasonally adjusted new passenger car and commercial vehicle registrations: data reflect the number of the passenger and commercial vehicles data registered in a particular country/region of the EU based on raw data from the European Automobile Manufacturers Association (ACEA).
• Publication of an estimate of industrial new orders for the euro area
Jointly with the EU Commission (DG Enterprise and Industry)
• Continue the collection and compilation of statistics through the joint survey on the access to finance of euro area enterprises, including small and medium-sized enterprises. Comprehensive surveys are run every two years together with the European Commission, and part of the survey, focusing on issues of conjunctural relevance, is run by the ECB every six months.
Coordinated at European and international level
• Support the design and use of a unique legal entity identifier by developing an infrastructure for the accurate identification of all legal entities engaged in economic transactions.
2.4 Sectoral statistics (ECB)
2.4.6 Banking, insurance, financial statistics (ECB)
• Amend all ECB statistical regulations with the objective to implement the ESA 2010 in all relevant statistics and to include new user requirements in ECB statistics, with first reporting in end-2014.
• Further enhance the regular production and methodological framework for the collection of harmonised statistics on depository corporations' (Monetary Financial Institutions) balance sheets and interest rates, as well as aggregate balance sheets for credit institutions and money market funds.
• Complete the framework for the collection of harmonised statistics on other financial intermediaries, further enhancing the regular production and publication of monthly and quarterly statistics on assets and liabilities of investment funds and quarterly statistics on the assets and liabilities of financial vehicle corporations (securitisation vehicles) and credit institutions' loan securitisations.
• Further enhance the regular production of quarterly statistics on insurance corporations and pension funds and set up a framework for more harmonised and detailed statistics on insurance corporations in close cooperation with European and national supervisory authorities, to also minimise reporting burden. The aim is to re-use to a large extent the data to be collected under the Solvency II quantitative reporting templates, as designed by the European Insurance and Occupational Pensions Authority (EIOPA).
• Enhance the list of deposit-taking (monetary financial) institutions and other financial intermediaries and complete the project to set up a register of all financial institutions in the European Union, including the composition of large banking and insurance groups, interoperable with Eurostat Euro-Groups Register (on multinational corporations).
• Enhance the statistics on securities, improved recording of securities for general statistical purposes through implementation of the Centralised Securities Database (CSDB). The CSDB contains reference data and prices on all individual securities considered statistically relevant. The CSDB also supports the compilation of external statistics, investment fund statistics, the residual maturity of government finance statistics, new statistics on securitisation vehicles and securities holdings statistics. Work is also underway to use the ECB in order to enhance the statistics on securities issues both in terms of granularity and timeliness. Furthermore, preparations are being done for the use of the CSDB by the ESCB beyond statistical compilation.
• Establish the regular collection and compilation of statistics on holdings of securities on a security by security basis. Legislation is already in place to develop a database for the collection of harmonised and complete security-by-security statistics on (standard and asset-backed) securities holdings and in the interim, continue maintaining an experimental dataset.
• Further enhance and ensure continued relevance of the biannual statistical indicators measuring the degree of financial integration and financial development in the main financial markets of the euro area, namely the money, bond, equity and banking markets.
• Develop further the statistical framework for financial stability analysis and enhance the production of harmonised, timely and detailed data sets and indicators on banking, insurance and on securities and financial markets, in close liaison with the respective European Supervisory Authorities, to support the European Systemic Risk Board (ESRB) as well as the ECB's own financial stability assessments. Contribute to the regular review and enhancements of the newly published ESRB risk dashboard, as well as the further development of more timely, and where appropriate, frequent macro-prudential and structural banking indicators.
• Maintain and enhance a manual and relational database that serves to foster reconciliation, to the extent possible, between statistical and supervisory data reporting frameworks - focusing initially on banks - so as to reduce the reporting burden and improve data quality and consistency.
• Extend the scope of financial market statistics on prices and volumes, e.g. the published euro area yield curves, short-term European paper market statistics. Further develop probability density functions to support analysis of markets expectations on leading market indicators, such as 3-month Euribor or main stock exchanges.
• Monitoring financial innovation to assess its impact on data requirements and data availability.
• Contribute to the development work and possible harmonisation of central credit registers in direction to support their use for statistical and other central bank purposes, e.g. research or financial stability, in liaison with ESCB/ESRB users and in the context of on-going developments in the EU and at global level. Also, investigate the use of other available loan-by-loan data sets to provide additional breakdowns for existing statistics and/or for developing new statistics.
• Enhance payments statistics to cover recent developments resulting from the introduction of the Single Euro Payments Area.
• Develop statistics on payment cards on the basis of individual datasets collected from international card schemes to support macro-economic analysis.
2.5 Government finance, fiscal and public sector statistics (ECB)
• Continue improving the quality of quarterly data on euro area government deficit, debt and the deficit-debt adjustment.
• Continue improving the quality of annual government finance statistics and of the metadata information on revisions and deficit-debt adjustments.
• Carry out methodological work on the recording of transactions carried out by governments.
2.6 International trade and balance of payments and international investment position (ECB)
• Continue compiling euro area b.o.p. and i.i.p. statistics, and the Eurosystem's international reserves, including external debt and seasonally adjusted main components of the current account.
• Provide contribution to the compilation of the rest-of-the-world sector in the quarterly euro area sector accounts.
• In cooperation with Eurostat, implement the new ECB requirements in line with the new international standards in the field of external statistics (namely the 6th edition of the Balance of Payments and International Investment Position Manual (BPM6) and the OECD Benchmark definition of Foreign Direct Investment).
• Continue monitoring the quality of the output in b.o.p. and i.i.p. statistics, both in terms of qualitative assessment and quantitative indicators. Annual data quality reports on the euro area b.o.p. / i.i.p. are published on the ECB's web site.
• Continue compiling data on nominal effective exchange rates of the euro, as well as consistent harmonised competitiveness indicators (HCIs), which provide meaningful and comparable measures of euro area countries' price and cost competitiveness.
• Continue compiling data on the international role of the euro as an investment, invoicing and reserve currency as well as statistics on euro banknote shipments.
• Further improve the consistency, accuracy and analytical value of statistics on securities and portfolio investment through the enhancement of security-by-security data collection models, also based on a Centralised Securities Database (CSDB).
• Further harmonise and improve the statistics on Foreign Direct Investment (joint ECB/Eurostat project on FDI network).
2.7 Prices (ECB)
• Seasonal adjustment of the Harmonised Index of Consumer Prices.
• Publication of quarterly euro area and selected national residential property price indices.
• Publication of a euro area commercial property price index.
• Methodological work towards the compilation of structural housing indicators covering residential and commercial property markets.
• Compilation of various euro area commodity price indices.
In close cooperation with Eurostat
• Actively contribute to the further development and harmonisation of prices and costs statistics produced by the European Statistical System.
2.8 Labour cost (ECB)
• Compilation of the euro area negotiated wages indicator.
----4. Methodology of data collection, processing, dissemination and analysis (ECB)
4.3 Data sources (ECB)
4.3.3 Household surveys (ECB)
• Publication of the results of the first wave of the Eurosystem’s survey on household finance and consumption conducted in 15 euro area countries. This survey provides micro-level data to policy-makers and researchers on households’ (financial and real) assets and debts, alongside complementary information on income, consumption, employment, pension entitlements, savings and inheritances.4.3.5 Other administrative and non-survey sources (ECB)
• Assess and respond to the potential statistical implications of the implementation of international financial reporting and supervisory standards in Europe.
4.5 Dissemination, data warehousing (ECB)
• Further develop the Statistical Data Warehouse, a user-friendly and comprehensive online data delivery service for ESCB statistics through the ECB's website.
• Enhance the SDMX web services implemented, for facilitating the integration of ECB data into user applications including support for SDMX/version 2.1.
• Continue optimising the framework for a joint and simultaneous dissemination of euro area aggregates and its national contributions to these aggregates on the ECB's website and on the websites of euro area NCBs (in their own languages and 'look and feel').
• Set up the data exchange and dissemination infrastructure for the ESRB.
• Further develop the Principal Global Indicators website, which focuses on the G20 economies, including the euro area. This work is undertaken by the Inter-Agency Group on Economic and Financial Statistics comprising the BIS, the ECB, the European Commission (Eurostat), the IMF, the OECD, the United Nations and the World Bank.
----5. Strategic and managerial issues of official statistics (ECB)
5.2 Statistical programmes, and coordination within statistical systems (ECB)
• Implement the European System of Central Banks's annual statistical work programme for European statistics, which focus on the high-priority items identified in the medium-term work programme for the ECB's statistical function, as described in the ECB's website.
• The statistical activities are coordinated by the Statistics Committee of the European System of Central Banks (ESCB) and its working groups on external statistics, euro area accounts, general economic statistics, government finance statistics, monetary and financial statistics, securities statistics and statistical information systems as well as the related business coordination groups and task forces.
• Contribute substantially to the work of the Committee on Monetary, Financial and Balance of Payments Statistics (CMFB), particularly concerning the excessive deficit procedure statistics.
• Co-ordinate the ESCB statistical activities and cooperate with Eurostat and other international organisations to improve the quality of European statistics.
• Provide statistical support to the European Systemic Risk Board, responsible for macro-prudential oversight of the financial system within the new European financial supervisory architecture established in the European Union up from 1 January 2011.
• Contribute to the preparatory arrangements for the exchange of information relating to the prudential supervision of credit institutions (single supervisory mechanism), which require the exchange of more granular quantitative and qualitative information with NCBs, national supervisors and the European Banking Authority.
• Participate, as member of the Inter-Agency Group on Economic and Financial Statistics in the development and implementation of the Action Plan on Statistics supported by the finance ministers and central bank governors of the G20. This action plan contains timetables for the implementation of 20 recommendations on how to address the measurement of risks in the financial sector, international financial linkages and the vulnerability of economies to shocks, as well as the communication of official statistics.
• Participate in the Irving Fisher Committee on Central Bank Statistics (also as a member of the Executive) in the exchange of views amongst central bank economists, statisticians and policy-makers of statistical issues of interest to central banks. Recent activities include data initiatives related to financial stability and initiatives to address data gaps revealed by the financial crisis.
5.3 Quality frameworks and measurement of performance of statistical systems and offices (ECB)
Further implementation of the ECB Statistics Quality framework
• Monitor and ensure adherence to the quality assurance procedures and quality principles stated in the ECB Statistics Quality Framework (SQF), which guides the statistical function of the ECB. The SQF is fully in line with and builds upon the ESCB's public commitment with respect to its statistical function.
• Revision analysis for general economic statistics based on a vintages database to which revision indicators are applied.
5.4 Management and development of human resources (ECB)
• Continue organising training activities on statistics for staff of the ECB, the National Central Banks of the European Union and to a limited extent for other central banks. The topics relate to the ECB relevant statistical fields (e.g. monetary and financial statistics; external statistics; financial accounts; statistical data exchange and SDMX standards, etc.).