coordination between oecd and other international organisations
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Coordination between OECD and other International Organisations. Working Party on Financial Statistics 24-25 October 2011. Coordination between OECD and other IOs. Background - PowerPoint PPT PresentationTRANSCRIPT
Coordination between OECD and other International Organisations
Working Party on Financial Statistics24-25 October 2011
1By Michèle Chavoix-MannatoSTD Directorate, NAD Division, QNA&FS Section
Coordination between OECD and other IOs
Background
The cooperation between International Organisations has often been discussed in the framework of collections of financial statistics
It has always been deemed as very important to WPFS Delegates
This is becoming even more essential for several reasons
2STD / NAD / QNA&FS
Coordination between OECD and other IOs
• OECD-Eurostat COOPERATION ON ANNUAL FA AND FBS
It has been decided that STD will not anymore process EU annual financial accounts (FA) and financial balance sheets (FBS) data
STD will directly store data that have been validated by Eurostat into its corresponding databases
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Coordination between OECD and other IOs
• OECD-ECB-Eurostat COOPERATION ON QUARTERLY FA AND FBS
STD will not process EU quarterly FA and FBS data, currently collected by ECB: non consolidated data for all sectors
(excl. sub-sectors of S13) by Eurostat: consolidated and non-consolidated
data for S13 and its sub-sectors
STD will directly store data validated by ECB and EUROSTAT into its databases
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Coordination between OECD and other IOs
• OECD-ECB-Eurostat COOPERATION ON FA & FBS
Implications for EU countries– data sent once either to Eurostat or to ECB– no more exchanges of messages between OECD and
countries to clarify and correct data
Implications for OECD– data automatically stored in OECD databases– no more checks; no more search for understanding and
correcting; no more requests for explanations or new data– no more replies to external users
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Coordination between OECD and other IOs
• OECD-BIS COOPERATION ON INSTITUTIONAL INVESTORS’ ASSETS (IA) DATA - 1 -
Background– About 2 years ago, BIS sent the OECD annual IA questionnaire
to its MembersComplaints about duplication
– In 2010, BIS sent the quarterly IA questionnaire
– At the December 2010 WPFS meeting, bilateral discussions
Agreement: the OECD would wait for information on the coverage (country, time, ..) of quarterly data received by BIS
– Unfortunately, it proved to be limited
The OECD sent its quarterly IA questionnaire in Feb. 2011 Most OECD countries replied
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Coordination between OECD and other IOs
• OECD-BIS COOPERATION ON INSTITUTIONAL INVESTORS’ ASSETS (IA) DATA - 2 -
Agreement reached between OECD and BIS:Annual and quarterly OECD data will be transmitted to BIS as soon as
they are validated HoweverIn the meantime, STD has decided to give priority to quarterly FA &
FBS and to postpone the processing of IA quarterly dataas a result, the OECD would like, IF COUNTRIES AGREE, to
forward to the BIS all quarterly data received from countries, before any validation by OECD
Discussions still underway on how to proceed: data transmission to both OECD and BIS validation procedures data dissemination
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Coordination between OECD and other IOs
•WORLD BANK-IMF-OECD-EUROSTAT COOPERATION ON QUARTERLY GOVERNMENT DEBT - 1 -
The “Public Sector Debt Statistics: Guide for Compilers and Users” has been prepared under the joint responsibility of nine organisations (under the IA-TFFS)
It is based on concepts harmonised with 2008 SNA and BPM6
The World Bank (WB) and IMF launched a questionnaire on detailed quarterly public sector debt data, initially intended for developing countries
They now envisage to extend the Public Sector Debt Statistics (PSD) database to advanced countries and propose to involve the OECD
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Coordination between OECD and other IOs
•WORLD BANK-IMF-OECD-EUROSTAT COOPERATION ON QUARTERLY GOVERNMENT DEBT - 2 -
The WB-IMF template has been transmitted to the OECD
The OECD preference would be to build this new database upon the quarterly consolidated financial balance sheets data that OECD/Eurostat already collect
Some additional breakdowns, on remaining maturity and currency are needed; in addition, nominal values are applied
A joint letter will be sent from World Bank, OECD and IMF and possibly Eurostat to advanced countries inviting their participation
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Coordination between OECD and other IOs
Conclusion
Cooperation between International Organisations is progressively implemented
It still requests some discussions and agreements
Countries, together with IOs, will be the beneficiaries of this coordination
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