2001年-ECB欧洲央行_Assessment_of_general_economic_statistics_for_the_euro_area_12页_170kb

Summary of the Assessment of General Economic Statistics for the Euro Area

Core Content

The document assesses the provision of general economic statistics for the euro area in the context of the European Central Bank's (ECB) monetary policy requirements. It highlights the importance of these statistics for evaluating price developments and maintaining price stability. The statistics include indicators on prices and costs, output and demand, the labour market, and external trade, which are essential for the ECB to make informed policy decisions.

Main Views

• Importance of Statistics for Monetary Policy: High-quality, timely, and reliable statistics are crucial for the ECB to monitor economic conditions and assess risks to price stability. These statistics are also vital for national monetary authorities and central banks in the euro area and elsewhere.
• Need for Harmonisation: To ensure accurate and comparable data across the euro area, harmonisation of concepts and methods is necessary. This is particularly important for the ECB to use national data to form a reliable picture of the euro area as a whole.
• Timeliness and Reliability: Timeliness is a key factor in the effectiveness of economic statistics for monetary policy. However, there is a trade-off between timeliness and reliability, with the ECB prioritising timely aggregated results over detailed breakdowns.
• Role of Eurostat: Eurostat is responsible for compiling and aggregating euro area statistics, ensuring consistency and comparability. National Statistical Institutes (NSIs) are responsible for collecting raw data.
• Legal Framework: The main legal basis for Community statistics is Article 285 of the Treaty of Amsterdam and the Regulation on Community statistics. These legal acts have been instrumental in establishing a framework for the collection and harmonisation of data for EMU.

Key Information

Statistical Requirements of the ECB

• The ECB requires indicators on prices and costs, output and demand, the labour market, and external trade.
• These indicators are the focus of the EMU Action Plan, which was established by the European Commission (Eurostat) in close collaboration with the ECB.
• The ECB has reaffirmed these requirements in its August 2000 publication.

Timeliness of Data

• Euro area data are often published later than national data, which can be misleading for monetary policy.
• The Harmonised Index of Consumer Prices (HICP) is published on average 18 days after the reference period, while GDP data is released after around 70 days.
• Some countries, like the UK and US, release data much faster (within 20–28 days for the first estimate).
• The HICP has a 100% coverage requirement, while GDP data is based on 60–80% coverage.

EMU Action Plan

• The EMU Action Plan outlines specific areas for improvement in the compilation of general economic statistics.
• It requires Member States to improve the timeliness and reliability of data in key areas such as national accounts, public finance statistics, and labour market indicators.
• The Action Plan also proposes modifications to statistical regulations to enhance harmonisation and comparability across the euro area.

Current Situation and Required Improvements

• HICP: Has reached a high standard of harmonisation and quality but requires further improvements in methodology and coverage.
• Producer Prices: Published monthly, but comparability across countries is still an issue due to differences in definitions and treatment of taxes.
• Labour Costs: Data is available but not comprehensive enough. The ECB requires more detailed and frequent breakdowns of labour costs by sector and component.
• National Accounts: Quarterly GDP and expenditure components are available, but data is delayed and coverage is incomplete. Annual accounts by institutional sector are still under development.
• Short-Term Statistics: A wide range of monthly and quarterly indicators are available, but euro area aggregates are often delayed due to insufficient country coverage.

Key Action Points

• Improved Reporting by Member States: Timeliness targets for GDP, public finance statistics, and Labour Force Survey results are set.
• Modifications to Statistical Legislation: Legal changes are proposed to improve harmonisation and comparability, particularly in the areas of price indices and labour cost indicators.
• Action Points for Eurostat: Eurostat is tasked with setting up a public database, improving the compilation of euro area aggregates, and enhancing seasonal and working day adjustments.

Conclusion

The development of general economic statistics for the euro area is essential for the ECB's monetary policy. While progress has been made in harmonisation and availability, significant shortcomings remain, particularly in timeliness and coverage. The EMU Action Plan plays a critical role in addressing these issues, and continued efforts by both national and Community statistical authorities are necessary to ensure the reliability and usefulness of these statistics for the euro area as a whole.