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Jean-Marc Israël Head of Division, Monetary and Financial Statistics ECB Euro Area Statistics Skopje Seminar 2-5 October 2013 ECB / Eurosystem / ESCB functions • Define and implement monetary policy • Conduct foreign exchange operations/hold and manage official foreign reserves • Promote smooth operation of payment systems • Contribute to smooth conduct of policies relating to banking supervision and stability of the financial system [Eurosystem: ECB and national central banks of 17 (18 from 1.1.14) countries in the euro area] [European System of Central Banks (ESCB): ECB and national central banks of 28 EU Member States] 2 Economic and Monetary Union (EMU) FI EU Member States which have adopted the euro SE EE LV EU Member States with a special status LT DK IE UK NL BE EU Member States with a derogation PL DE CZ LU AT SI FR IT SK HU RO HR BG PT ES GR CY MT Key characteristics of the euro area € -17 EU -27* Population (millions) 333 504 314 128 GDP (PPP, € trillions) 9.5 13.4 12.3 3.5 GDP per capita (PPP, € thousands) 28.5 26.6 39.3 27.6 Share of world GDP (PPP, %) 13.7 19.4 18.9 5.6 Exports (goods and services, % of GDP) 26.8 18.3 14.1 15.4 Gross fixed capital formation (% of GDP) 18.4 17.9 15.8 21.2 Gross saving (% of GDP) 20.2 18.9 12.9 24.5 ** * The figures for Croatia are not yet available. Sources: for euro area and EU: ECB, Eurostat, national data, IMF and ECB calculations; for the United States and Japan: national sources, IMF. ** refers to 2011 Governance of European statistics (I) The System ESCB of European Central Banks ECB European Statistical System Eurostat + + National Central Banks National Statistical Institutes Prime responsibility Prime responsibility Monetary and financial statistics International reserves Effective exchange rates Quarterly financial accounts General economic statistics (e.g. GDP, HICP, other price statistics, labour market, other short-term statistics, foreign trade) Other statistics (e.g. agriculture) Shared responsibility Balance of payments International investment position Non-financial sector accounts 5 Governance of European statistics (2) The ESCB and the European Statistical System (Eurostat and National Statistical Institutes) develop, produce and disseminate European statistics under separate legal frameworks, reflecting their respective governance structures Memorandum of Understanding between ESS and the ESCB (updated, April 2013) enhanced cooperation: • European Statistical Forum – strategic cooperation • work jointly in Committee for Monetary, Financial and Balance of Payments statistics (CMFB) - operational cooperation 6 Legal infrastructure Legal frameworkfor forEuropean Europeanstatistics statistics(1/2) (1/2) Legal framework Article 338 of TFEU 2533/98) Financial Vehicle Corporations 10 10 ECB-UNRESTRICTED ECB legal instruments concerning statistics • Regulation – directly imposes obligations on reporting agents in euro area • Guideline – imposes obligations on Eurosystem (including ECB) • Recommendation – informs statistical authorities other than central banks in euro area of ECB requirements; not legally binding • Decision – imposes obligations on addressees; can also be without addressees • Notice – to inform/explain • Opinion – expression of ECB view, usually in response to a consultation under Treaty/Statute Also Memorandum of Understanding – its nature and status 8 Brief overview of ECB statistics • MFI (banking) balance sheets; monetary aggregates and counterparts • MFI interest rates • Securities issues • Other (non-monetary) financial intermediaries • Financial markets • Payment systems • Balance of payments • International investment position • Other external statistics • Government finance • Euro area integrated institutional sector accounts NB: ECB uses also many statistics from sources outside ESCB/Eurosystem (prices/costs, national accounts, labour market statistics, etc.), and that responsibility for some of the above is shared with Eurostat [MFI = monetary financial institution] 9 Who does what in ESCB/Eurosystem Article 5 ( Statute): “… the ECB, assisted by the national central banks, shall collect the necessary statistical information […] The national central banks shall carry out, to the extent possible, the task[s]…” • NCBs: - Collection of data from reporting agents, other national statistical authorities, other national sources - All contact with reporting agents/representative bodies - Compilation and publication of national aggregates/contributions to euro area aggregates • ECB: - Collection of data from other Community/international sources (e.g. Eurostat, BIS) - Compilation and publication of euro area aggregates • Shared: - Conceptual/development work, development of legal/technical infrastructure (ECB in lead) - Participation in Community/international statistical committees NCBs perform many of their tasks in accordance with ECB Guidelines. NCBs have responsibility for meeting the ECB’s requirements. Though there are instances of specialisation, all Eurosystem NCBs contribute to statistical work in broadly the same way. [BIS = Bank for International Settlements ( Basel)] 10 Complying with international statistical standards • System of National Accounts (1993) and other Manuals – IMF Balance of Payments Manual, 5th edition (1993) – IMF Monetary and Financial Statistics Manual (MFSM 2000) – IMF Government Finance Statistics Manual (GFSM 2001) • European System of Accounts (1995) … complemented by legal definitions, compilation guides and manuals, at international and European level • ECB Statistics is currently implementing the new standards SNA 2008; ESA 2010; BPM 6 11 Compiling euro area aggregates • Usual approach – build from national contributions. • Importance of harmonisation of the national contributions. • Some euro area aggregates are a simple sum of (harmonised) national data, but some not. • National money stock commonly includes deposits held by residents with banks located in the country concerned. Euro area money stock includes deposits held by residents of all euro area countries with banks (MFIs) located anywhere in the euro area – it exceeds the sum of national money stocks by the amount of cross-border depositing within the euro area. • National balance of payments statistics measure all cross-border transactions of residents of the country concerned – the b.o.p. of the euro area excludes cross-border transactions within the euro area – gross flows in the euro area b.o.p. fall short of the sum of national b.o.p. flows by the amount of these cross-border flows within the area 12 National and euro area monetary aggregates In German M3 Deposits held by Germans with MFIs in Germany In neither German nor Austrian M3 In Austrian M3 Deposits held by Deposits held by Germans with MFIs Austrians with MFIs in Austria in Germany Deposits held by Austrians with MFIs in Austria All the above are components of euro area monetary aggregates I----------------------------------------------------------------------------------------------------------------------------I 13 Reference reporting population for ECB statistics • Central banks, other MFIs • Other (non-monetary) financial intermediaries • Post office giro institutions • Entities holding cross-border positions or carrying out cross-border transactions • Issuers of securities or e-money The reference reporting population is confined to entities resident in the euro area (but the ECB may collect from them consolidated data which includes information relating to their branches outside the euro area). This is all set out in Community legislation Regulation No 2533/98 - notable amendment here in No 951/2009 is extension of reference reporting population to include insurance corporations and pension funds. 14 Monetary and financial statistics • Monetary and financial statistics • • • • • • • • Monetary aggregates and counterparts, minimum reserves Interest rates, securities issues Investment funds Financial Vehicle corporations Insurance corporations and pension funds Financial soundness indicators, financial integration indicators Financial stability statistics, of which Consolidated Banking Data Financial market statistics - yield curve, PDFs - 15 ECB statistical support for the ESRB Council Regulation 1096/2010: The ECB has to provide statistical support to the European Systemic Risk Board (ESRB) Main sources of data for the ESRB are: Data exchange with the European Supervisory Authorities (EBA, ESMA, EIOPA) Statistical support from the ECB/ESCB Commercial data providers and other datasets Ad-hoc surveys ECB, STC and its working groups involved actively in several workstreams Examples: identify main datasets for the ESRB; • setting up the White Book, Risk Dashboard, Analysis of National Banking Systems; • help shaping the data flows between the ESCB and the European System of Financial Supervisors 16 Financial stability: ESRB Risk Dashboard Composite indicator of systemic stress (CISS) Average systemic risk contribution of individual institution to overall risk using CoVar (EU banking syst.) Bank liabilities structure (annual growth rates for EA) Domestic credit-to-GDP ratio Actual and forecasted GDP growth Households debt to gross disposable income Real estate comm. property, market size over GDP Global risk aversion indicator Price/earning ratio EU large banks: Leverage ratios 17 External statistics Euro area balance of payments and international investment position - including international reserves • Monthly balance of payments • Quarterly breakdown by main partners • International investment position (balance sheet) and link to balance of payments Nominal and real effective exchange rates of the euro The geographic breakdown of the euro area current and capital account, international investment position and trade in goods is published in the ECB Monthly Bulletin 18 Government Finance statistics Protocol on the EDP: 3% and 60% of GDP as reference values for government deficit and debt reserves Complete set of government accounts (revenue, expenditure, debt and deficit-debt adjustment) providing an integrated overview of the government balance and debt in annual frequency Fiscal discipline is essential for the stability of the euro • keeping price stability: direct (e.g. VAT) and indirect effects (wages) • containing inflation expectations: rising government debt may lead to pressure on the ECB to tolerate higher inflation to erode the real value of debt • keeping financial markets stable: interest rate on government debt in one country is affected by the evolution of other countries deficits and debts quarterly breakdown by main partners 19 Euro area accounts Complete description of euro area economic and financial developments: whole economy and by institutional sector (financial and non-financial corporations, households and government, rest of the world) Integrates monetary, financial and economic statistics Consistent statistical basis for quarterly economic analysis, with integrated non-financial accounts and financial accounts Enables analysis of interrelations between key macro-economic policy indicators (e.g. household saving rate, indebtedness and changes in wealth; entrepreneurial income of non-financial corporations; government debt) 20 EAA by Institutional sectors Instititutional Sectors S1 Total Economy S11 Non-financial corporations S12 Financial corporations S121+S122 Monetary Financial Institutions S123+S124 Other Financial Institutions + fin. aux. S125 Insurance Corp and Pension Funds S13 General Government S14+S15 Households and NPISH S2 Rest of the World 21 For whom to whom: long term loans Assets Transactions S11 S12K S12P S125 S13 S1M S2 SD TOTAL 7.7 58.7 -61.2 5.1 1.6 0.0 -36.6 S11 40.3 27.4 24.6 -50.9 3.7 0.7 0.4 34.3 0.0 S12K S11 -5.1 S12K 0.0 S12P -75.5 -1.6 5.2 -13.9 0.0 0.0 0.0 -65.2 0.0 Liabilities S125 -0.2 0.0 -0.4 0.1 0.3 0.0 0.0 -0.1 0.0 S13 29.1 0.1 13.4 18.9 0.6 -0.8 0.0 -3.1 0.0 S1M 27.8 0.2 18.2 10.4 1.4 0.6 -0.4 -2.5 0.0 S2 -46.3 -18.4 -2.3 -25.8 -1.0 1.2 0.0 S12P -44.5 Liabilities S125 -1.5 S13 -2.7 S1M -0.1 S2 -22.3 0.0 1.6 -17.5 0.2 0.0 0.0 -28.8 0.0 0.0 -1.4 -1.1 -0.4 -4.7 0.0 6.2 0.0 0.0 -7.6 -0.6 0.0 4.5 0.0 1.0 0.0 0.0 -0.8 0.2 0.0 0.2 0.0 0.3 0.0 -7.2 -4.0 -10.3 -0.4 -0.4 0.0 S12P 706.8 17.1 425.9 194.3 8.7 0.2 0.0 60.6 0.0 Liabilities S125 78.7 0.2 24.5 10.4 30.4 2.1 0.0 11.1 0.0 S13 1095.3 17.9 810.9 31.2 75.4 104.7 0.0 55.1 0.0 S1M 5372.1 14.5 4593.6 248.6 112.1 43.9 21.3 338.0 0.0 S2 1743.6 627.0 292.1 762.2 31.2 31.2 0.0 Other Changes Assets TOTAL S11 S12K S12P S125 S13 S1M S2 SD -3.6 -17.2 -21.7 -0.9 -0.4 0.0 -32.3 3.5 -5.0 7.6 -0.2 0.0 0.0 -11.0 0.0 0.0 Assets Outstanding Amounts S11 S12K S12P S125 S13 S1M S2 SD TOTAL 1464.1 9765.5 1674.0 309.1 357.1 49.5 1100.1 S11 5723.0 787.4 3618.4 427.3 51.3 174.9 28.2 635.3 0.0 S12K 0.0 SD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 SD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 SD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22 General economic statistics • Other European statistics used by the ECB (Eurostat primary responsibility): • Harmonised Index of Consumer Prices (HICP) • GDP • Business indicators: industrial production, retail trade, etc. • Employment, unemployment, labour costs, etc. 23 Decision-making bodies for ECB statistics ESCB Statistics Committee (STC) and its Working Groups are at the core of the production of ECB statistics ECB Governing and General Councils ECB Executive Board ESCB Statistics Committee (STC) WG on Euro Area Accounts WG on External Statistics WG on General Economic Statistics WG on Government Finance Statistics WG on Monetary and Financial Statistics WG on Statistical Information Management WG on Securities Statistics 24