2016年-ECB欧洲央行_Euro_area_quarterly_financial_accounts_-_2015_quality_report_22页_432kb

Summary of Euro Area Quarterly Financial Accounts 2015 Quality Report

Core Content

The Euro area quarterly financial accounts 2015 quality report outlines the progress and challenges in the compilation and quality of financial accounts data since the implementation of the ESA 2010 standard and the ECB Guideline in 2014. The report emphasizes the importance of these accounts for macroprudential, macroeconomic imbalance, and financial stability analysis, and highlights the improvements in data availability, consistency, and revisions.

Main Points

1. Introduction and Purpose

• The quarterly financial accounts are part of the broader euro area accounts, which integrate financial and non-financial sector data.
• These accounts are crucial for the European Central Bank (ECB) in assessing risks to price stability and enhancing monetary, economic, and financial stability analysis.
• They provide insights into the relationships between financial investment, capital formation, savings, and indebtedness, and their impact on consumption and output.
• The ESRB Risk Dashboard and the Macroeconomic Imbalance Procedure (MIP) scoreboard use financial accounts data for risk monitoring and policy analysis.

2. Institutional and Legal Framework

• The compilation of euro area financial accounts is based on four main data sources:

  • National financial accounts (financial balance sheets and transactions)
  • Monetary financial institution (MFI) balance sheet statistics
  • General government financial accounts
  • Balance of payments (b.o.p.) and international investment position (i.i.p.) data

• The ECB Guideline requires the ECB and national central banks (NCBs) to monitor and improve the quality of financial accounts data.

• Article 7 of the Guideline mandates:

  • Regular monitoring of data quality
  • Annual reporting to the ECB Governing Council on data coverage, compliance, and revisions
  • Publication of a quality report every year

3. Quality of Euro Area Financial Accounts

3.1 Quality Assurance Procedures

• Data consistency is checked regularly for:
  • Completeness
  • Internal consistency
  • External consistency with non-financial sector accounts and other statistics
• Metadata are used to track revisions and major events, aiding in data compilation decisions.

3.2 Changes in Data Availability in 2015

• In January 2015, an early release of preliminary euro area data was introduced, reducing the time lag from t+120 to t+104.
• The early release covers households and non-financial corporations, while the full release includes all institutional sectors.
• Country-specific data on revaluations and counterpart sector detail (deposits and loans) were introduced in 2015, improving the analysis of financial flows.

3.3 Consistency and Comparability of Financial Accounts

• The financial accounts are internally consistent, based on national accounting identities and hierarchical relationships.
• Horizontal consistency (by financial instrument) was maintained for most instruments, but some showed significant imbalances due to discrepancies in data sources.
• Vertical consistency (with non-financial sector accounts) is achieved for the financial corporation and general government sectors, but discrepancies remain for households, non-financial corporations, and the rest of the world.

3.4 Revisions of Euro Area Financial Accounts

• Revisions are used as a measure of data quality, with smaller revisions indicating more reliable data.
• The revisions in 2015 were still influenced by the transition to ESA 2010 and methodological changes.
• The early releases showed limited or small revisions, especially for household and non-financial corporation financial investment and financing.
• The MACE (Mean Absolute Comparative Error) measures the volatility of revisions and is used to assess data reliability.

3.5 Accessibility of Data

• The ECB publishes national quarterly financial accounts and complete euro area accounts in the Economic Bulletin and Statistics Bulletin.
• Quarterly press releases and a new household sector report provide detailed insights into financial developments.

Key Findings

• The euro area financial accounts have improved in timeliness, methodological adherence, and detail since the implementation of ESA 2010 and the ECB Guideline.
• Horizontal imbalances (for individual financial instruments) were generally stable in 2015, with some increases and decreases depending on the instrument.
• Vertical imbalances (between financial and non-financial accounts) were reduced, particularly for the financial corporation and government sectors.
• The largest discrepancies were observed in Ireland, Greece, and Italy, especially for non-financial corporations.
• Revisions to growth rates were limited in later releases, indicating improved data reliability.

Enhancements in 2016

• The ECB planned to further enhance the analysis of counterpart sector detail for securities, which was introduced in October 2015.
• The early release of data was expected to be extended and refined to improve the timeliness and detail of financial accounts.

Annexes

• Annex 1 details the use of financial accounts-based indicators in macroprudential and financial stability analysis.
• Annex 2 provides the mathematical definitions of the quality indicators used in the report.
• Annex 3 outlines the largest discrepancies in the household, non-financial corporation, and financial corporation sectors for the second quarter of 2015.

Conclusion

The 2015 quality report highlights significant progress in the compilation and quality of euro area financial accounts. While some discrepancies and revisions remain, the data has become more timely, detailed, and consistent, supporting better macroeconomic and financial stability analysis. Continued cooperation between statistical compilers and methodological improvements are expected to further enhance the reliability of these accounts.