2010年-ECB欧洲央行_Euro_area_balance_of_payments_and_international_investment_position_statistics_-_2009_quality_report_51页_1mb

Summary of EURO AREA BALANCE OF PAYMENTS AND INTERNATIONAL INVESTMENT POSITION STATISTICS - March 2010

Core Content

This document presents the Euro Area Balance of Payments (b.o.p.) and International Investment Position (i.i.p.) Statistics for March 2010, along with an annual quality report. The report outlines the quality principles, methodologies, and data revisions that underpin the compilation and dissemination of these statistics, emphasizing their relevance, accuracy, reliability, consistency, and timeliness.

Main Points

1. Quality Principles

• Institutional Environment: The ECB adheres to the principles of independence, accountability, impartiality, confidentiality, coordination, and efficiency.
• Statistical Processes: The ECB follows sound methodologies, cost-effectiveness, and ensures a non-excessive burden on reporting agents.
• Statistical Output: The focus is on relevance, accuracy, reliability, consistency, timeliness, and clarity of the data.

2. Methodologies and Data Collection

• The methodologies used by Member States are detailed in the ECB's "B.o.p. Book".
• The ECB and Eurostat have aligned their release and revision calendars since 2003, improving comparability and reporting efficiency.
• A Centralised Securities Data Base (CSDB) provides harmonised characteristics for classifying securities by sector, residence, instrument type, maturity, and currency, enhancing data consistency and reconciliation.

3. Data Revisions and Improvements

• In March 2009, the ECB started publishing the b.o.p. for the enlarged euro area, including Slovakia.
• Intra-euro area portfolio investment data were first reported in June 2006, leading to sectoral breakdowns in 2008 and improved monetary presentation in 2009.
• Methodological enhancements in 2009, particularly in Italy and France, led to significant revisions in the euro area b.o.p. and i.i.p. data, improving consistency and accuracy.
• The net liability position in the i.i.p. at end-2007 was revised upwards by €84 billion, while at end-2008 it was revised downwards by €84 billion.
• The cumulative net errors and omissions were reduced from €555 billion (6.1% of GDP) to €30 billion (0.3% of GDP) due to the new methodology.

4. Statistical Discrepancies and Revisions

• The statistical discrepancy in the b.o.p. was significantly reduced in 2009, with €430 billion of the reduction attributed to the new methodology.
• The new methodology affects three items in the financial account: other investment assets in loans and deposits, and portfolio investment equity liabilities.
• It involves grossing-up procedures, which have a major impact on the i.i.p. but a limited effect on recent trends in the b.o.p.
• Mirror data analysis is conducted to ensure external consistency with data from the UK, US, and Japan. The UK data show asymmetries in services exports and imports, with a discrepancy of €29 billion in the balance of services.

5. Seasonal Adjustment

• The seasonal adjustment of the euro area's current account items follows best practices and is based on the direct approach.
• The indirect approach is also evaluated, and while it does not yield uniformly better results, it improves smoothness of the series.
• Roughness indicators (R1 and R2) are used to measure the smoothness of the seasonally adjusted series, showing that the indirect method is preferred for exports but has mixed results for imports.

6. Malta's Compliance

• Malta, which joined the euro area in 2008, partially complies with the residency definition for enterprises incorporated in Malta but with no physical presence there.

Key Information

• The quality report is required by Article 6 of ECB/2004/15 and follows the ECB's Statistics Quality Framework (SQF).
• The legal framework for data collection is based on the Treaty on the Functioning of the European Union and Council Regulation (EC) No 2533/98.
• The IMF's SDDS is referenced, with all euro area countries being subscribers.
• The CSDB plays a crucial role in data classification and reconciliation.
• The euro area's international role is reviewed annually using currency breakdowns of cross-border transactions.
• The new methodology has improved statistical consistency and reduced discrepancies, especially in the i.i.p. and current account.

Conclusion

The ECB continues to enhance the quality and reliability of the euro area's balance of payments and international investment position statistics through methodological improvements, data harmonisation, and cooperation with national compilers and international organisations. These efforts have significantly reduced errors and omissions, improved seasonal adjustment accuracy, and ensured external consistency with major economic partners.