Special Session 36

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Title of session: Quality assurance of statistics underlying the Macroeconomic Imbalance Procedure (MIP)

Chair: Silke Stapel-Weber

Room: S3A Barbakan

Time: 11:30 - 13:00

Date: 27 June

Session 36 - papers & presentations

Presenting AuthorAbstract
Vitor Martins
e-mail: Vitor.Martins@ec.europa.eu
Title: <<< The importance of high quality statistics for the MIP >>>
The Macroeconomic Imbalance Procedure (MIP) is a system for monitoring macro-economic developments and policies and detecting potential harm to the proper functioning of the European Union (EU). It is part of a surveillance system for budgetary and economic policies, implemented via the European Semester of economic policy coordination, the EU's economic policy-making calendar. An essential tool in the procedure is the MIP scoreboard, together with a set of auxiliary indicators. The scoreboard is designed to capture the most important internal and external aspects of macroeconomic imbalances through a limited set of relevant indicators of high statistical quality, ensuring the maximum possible degree of consistency and comparability among statistical domains and across countries. The MIP scoreboard has changed over time, due mainly to the availability of better and more comparable data, and to the inclusion of some social indicators. Efforts made by statistical producers, in the European Statistical System and in the European System of Central Banks, to improve the quality of MIP indicators are highly valuable.
Silke Stapel-Weber/Caroline Willeke
e-mail: silke.stapel@ec.europa.eu / caroline.willeke@ecb.int
Title: <<< Ensuring quality of Macroeconomic Imbalance Procedure (MIP) indicators: a multi-level cooperative approach >>>
The credibility of the MIP and its smooth implementation depends on the availability and quality of the statistics underlying the MIP. Statistics used in the procedure have to be fit for purpose, reliable, timely and comparable among Member States. For that reason, the quality of MIP indicators is constantly monitored and improved. Statistics underlying the MIP indicators are based on European Union legislation and compiled by the European Statistical System (ESS) and the European System of Central Banks (ESCB). In order to ensure the best possible quality, Eurostat and the Directorate General Statistics of the European Central Bank have jointly developed a quality assurance framework based on a three-level structure, covering country specific reports, in the form of self-assessments, domain-specific quality reports, and an annual ESS-ESCB quality assessment report on MIP statistics which is addressed to the European Parliament and Council, policy makers and the public at large. The report assesses the reliability and comparability of statistics underlying the MIP and identifying measures to tackle most relevant quality issues. A Memorandum of Understanding signed by the two institutions in November 2016 has established practical, cooperative approaches for statistics from Balance of Payments and Financial Accounts. This paper will explain the background to ESS/ESCB cooperation on the quality assurance of statistics underlying the MIP, and describe the steps being undertaken to implement this assurance.
Roger De Boeck
e-mail: Roger.DeBoeck@nbb.be
Title: <<< Reconciliation International Investment Position and Financial Accounts in Belgium >>>
In Belgium, the National Bank of Belgium is responsible for compiling both financial accounts and balance of payments statistics, and therefore has a key role in providing statistics for MIP purposes. The bank has worked for many years to continuously improve the quality of its statistics and has actively participated in European-level quality initiatives. The paper will provide the background to the work in Belgium and some reflections from a national level on recent developments in the European framework.

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