2007年-ECB欧洲央行_Financial_statistics_for_a_global_economy_-_Proceedings_of_the_3rd_ECB_conference_on_statistics_156页_2mb

Financial Statistics for a Global Economy: Summary of the Third ECB Conference on Statistics

Core Content

The Third ECB Conference on Statistics, held in May 2006, focused on the role of financial statistics in understanding and managing the challenges of globalisation. It addressed four main themes: the adequacy of financial statistics in capturing globalisation, challenges for national data collection in a global world, statistical implications of financial integration and stability, and global statistical governance.

The conference aimed to foster discussions among statisticians, policy-makers, researchers, banking associations, and media representatives on how to improve the quality, availability, and relevance of financial statistics in a rapidly globalising and technologically changing environment. It highlighted the need for enhanced international cooperation, harmonisation of standards, and better data collection methods to meet the evolving demands of financial policy and analysis.

Main Points and Key Contributions

1. Are Financial Statistics Good Enough to Capture Globalisation?

• Jean-Claude Trichet (ECB President) and José Manuel González-Páramo (ECB Executive Board member) acknowledged the progress made in European statistics but stressed the need for further improvements.
• Erkki Liikanen (Governor of Suomen Pankki) raised the issue of soft versus hard data, noting that globalisation is difficult to capture statistically due to the complexity of cross-border transactions and the challenge of identifying the "ultimate counterpart."
• Nouriel Roubini (Stern School of Business) argued that globalisation increases integration and interdependence, leading to greater international financial flows and systemic risks. He emphasized the importance of better financial statistics as a global public good.
• Marc-Olivier Strauss-Kahn (Banque de France) highlighted the need for continuous adaptation of statistical methods and standards, and the importance of international cooperation to reduce reporting burdens.
• Simon Briscoe (Financial Times) stressed the need for better data, more cooperation between countries, and the private sector's role in contributing to data collection.

2. Challenges for National Data Collection in a Global World

• Vitor Constancio (Governor of Banco de Portugal) pointed out that Europe lags behind the U.S. in applying statistical techniques such as hedonic price deflation.
• Henk J. Brouwer (De Nederlandsche Bank) discussed the need for rethinking statistical processes in light of globalisation, focusing on user needs, compiler ambitions, and reporting burden.
• Hein G. M. Blocks (European Banking Federation) outlined the three ways globalisation affects banks: direct flows, increased reporting demands, and the need for business model adaptation.
• He recommended harmonising reporting requirements between the ECB, IFRS, and Basel II, and using XBRL for electronic reporting to improve efficiency and reduce costs.

3. Financial Integration and Financial Stability: Statistical Implications

• José María Roldán (Banco de España) highlighted the lack of harmonisation in reporting across the 25 EU countries, which hinders financial integration.
• The implementation of Basel II and IFRS has led to the development of COREP and FINREP, common reporting frameworks for the EU banking sector.
• Jan Krahnen (Johann Wolfgang Goethe University) discussed the challenges of monitoring credit risk transfer and the need for detailed data on loan characteristics and portfolio diversification.
• Már Gudmundsson (BIS) suggested that stress-testing and correlation analysis could be alternative approaches to better monitor financial stability without increasing data requirements.

4. Global Statistical Governance

• Steven Keuning (ECB Statistics Committee) introduced the importance of governance in ensuring high-quality statistics and the need for better coordination between national and international statistical bodies.
• Marie Bohata (Eurostat) outlined the two approaches to statistical governance: top-down (Code of Practice) and bottom-up (practical initiatives). She stressed the need for full implementation of the Code of Practice and the establishment of a high-level advisory body.
• Robert W. Edwards (IMF) discussed the need for harmonisation in macroeconomic statistics, particularly in areas such as migration, capital movements, and investment positions.
• He highlighted the importance of the IMF Balance of Payments Manual and the role of the World Bank-IMF initiative in improving remittance statistics.
• Jan Smets (Irving Fisher Committee) called for greater transparency through metadata and communication policies, and the need for synchronisation between statistical updates.

Key Conclusions

• Globalisation has increased the complexity and importance of financial statistics, necessitating better data quality, availability, and international cooperation.
• Harmonisation of reporting standards and formats is crucial for reducing costs and improving the efficiency of statistical production.
• Statistical governance must evolve to ensure transparency, coherence, and adaptability in the face of global challenges.
• The ECB, Eurostat, and national statistical institutes (NSIs) must continue to collaborate closely to improve the relevance and reliability of financial statistics for both domestic and international policy-making.
• Financial stability analysis requires comprehensive data, including micro-data and consolidated information, to better understand and manage systemic risks.

Future Directions

• The Code of Practice should be fully implemented across all levels of the statistical system.
• A European Statistical System high-level advisory body is proposed to enhance governance and coordination.
• XBRL and other electronic reporting formats are seen as tools to streamline data collection and improve efficiency.
• International cooperation and shared infrastructure will be key to reducing costs and improving the quality of financial statistics.
• Continued dialogue between statisticians and their users is essential for aligning statistical needs with policy and research requirements.