Download Enhancing the quality in international statistics by the Principal Globa

Best practice for ensuring quality in
international statistics
- The Principal Global Indicators Werner Bier,
Per Nymand-Andersen
European Central Bank
Committee for the Coordination of Statistical Activities (CCSA)
Conference on quality in international Statistics,
Athens, 29 May 2012
Overview
1
• Policy needs for International Statistics
2
Ensuring quality and best practice
•Concepts and methodology
•Operational set-up
3
• Principle Global Indicators (PGIs)
4
• Statistical challenges
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2
3
4
International Statistics
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1
Policy needs for International Statistics
Policy needs for multilateral surveillance and coordination
The financial and sovereign debt crisis has revealed that
•
Interconnectedness and interdependence among open
economies play an important role in the size, nature
and policy responses of systemic risks
•
Systemic risks depend on the collective behaviour of
financial intermediaries, markets, infrastructures and
depends on the interaction between the financial
system and the real economy
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1
Policy needs for International Statistics
Policy needs for multilateral surveillance and coordination
•
Policy responses remain mainly bound to the national
territory (exceptional cases supranational (e.g. ECB))
•
Multilateral policy responses are crucial for mitigating
risks to financial stability and for creating strong,
sustainable and balanced growth
•
Multilateral policy responses require enhanced and
global comparable economic and financial statistics
and indicators
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1
Policy needs for International Statistics
Policy needs for multilateral surveillance and coordination
•
Group of 20 (G20) Leaders' requested a range of
statistical indicators to identify large imbalances
among economics (Seoul Summit)
•
The main priority actions relate to reduce excessive
imbalances and to maintain current account
imbalances at sustainable levels
•
For this purpose, a set of comparable statistical
indicators is required
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1
Policy needs for International Statistics
Policy needs for multilateral surveillance and coordination
• Main comparable international indicators:
 public debt and fiscal deficits
 private savings rate
 private debt
 external imbalance
• Easy accessibility of official statistics/indicators
• G20 and Global statistical aggregates (e.g. G20 GDP)
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2
Ensuring quality and best practice
Concepts and methodology
•
International statistical standards are available
•
Fundamental Principles and agreed Quality
frameworks exist
•
Excellent international and regional networks and
governance among national statistical agencies and
international organisations are in place
•
Data exchange formats among international and
supranational organisations (SDMX) are developed
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2
Ensuring quality and best practice
Operational set-up
The key statistical challenges lie in the ability to
•
coordinate among the network of international and
national authorities
•
synchronise the various statistical activities
•
converge and apply a common set of statistical
concepts, guidance and methodological notes
•
governance assessments – check and balances
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2
Ensuring quality and best practice
Operational set-up
•
Do the statistical authorities agree on the detailed
statistical requirements ?
•
Have the international statistical standards been
applied ?
•
Is the data flow from national authorities to
international organisations synchronised ?
•
Limited (timely) G20 and Global aggregates available
(G20 quarterly growth rates)

If statisticians do not deliver – the market will
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3
Principal Global Indicators (PGIs)
First results to meet G20 demands
Inter-Agency Group on Economic and Financial Statistics
BIS, ECB, Eurostat, IMF, OECD, UN and the World Bank
Focus on
•
the G20 economies plus 5 non-G20 Financial Stability
Board (FSB) countries
•
key economic and financial statistics and indicators
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3
Principal Global Indicators (PGIs)
First results to meet G20 demands
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3
Principal Global Indicators (PGIs)
External
/Real
GDP
First
results debt
to meet
G20
policy demand
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4
Statistical challenges
The PGIs will be further enhanced to
• comply with the data transmission standard SDMX
• support visualisation tools
• include additional G20 and global aggregates
• become a supporting tool for G20 policies
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4
Statistical challenges
The Inter-Agency Group therefore continues to work on
the (detailed) statistical requirements:
 Agreement on detailed reporting templates
(coverage, frequency, timeliness, adjustments)
Tier 1: Core Aggregates;
Tier 2: Detailed breakdowns;
Tier 3: Specificities of the individual
economy
 Agreement on the data flow among the
international organisations, including the related
quality management
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4
Statistical challenges
The Inter-Agency Group members aim at
• applying common reporting templates and
implementation plans
a pilot project on sector accounts and their integration
with e.g. government finance statistics and securities
issues statistics
• synchronising the data sources/flow and quality
monitoring (Who does what by when)
• applying the SDMX concept to the PGIs
• involving the G20 economies where needed
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4
Conclusions
• Official statistics is called upon to support multilateral
surveillance policies in a world of global imbalances and
uneven global recovery (G20 policy driven needs)
• The international and national statistical authorities
have the statistical, technical and organisational skills to
master this challenge (close cooperation)
• Pilot exercises are needed to prove effective
international cooperation by releasing comparable and
timely international statistics
• The policy needs are there. If the statistical authorities
can not deliver, the market will replace them
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