Central bank statistics as part of official statistics: The case of the European System of Central Banks (ESCB)

Abstract

Responsibility for statistics at the level of the European Union is shared between the European Central Bank (ECB) and the European System of Central Banks at the one hand, and the European Commission (Eurostat) and the European Statistical System (consisting of the national statistical institutes) at the other hand.

This paper addresses the rationale, the legal basis as well as the practical organisation of this “twin-towers” approach of European statistics, with central bank statistics well inside the boundaries of official statistics in Europe. It shows the respective fields of competences, and their distribution based on comparative advantages, as well as the – growing – areas and forms of cooperation. Finally, the current challenges, both those that are central bank statistics specific but also those (many) that are common to both systems are being touched upon. A special emphasis is given to the role of statistics for modern central banking (“evidence – based policy making”), in the areas of monetary policy, financial stability as well as banking supervision. Conclusions after 20 years of experience with this approach are drawn at the end.