Werner Bier Merits and Costs Deputy Director General Directorate General Statistics Procedure on European Central Bank European statistics provided by the ESCB Costs and Benefits of International Statistics CCSA Special Session 29 September 2016, Paris
Rubric Overview 1 Introduction: ECB, ESCB and decision making 2 Timeline of the ECB Impact Assessment 3 The steps of the qualitative Merits and Costs Procedure (MCP) 4 The quantitative Eurosystem Cost Benefit Analysis (ECBA) 5 Timeline of the ECB Impact Assessment and ECBA Enter presentation title by changing the footer. 2 www.ecb.europa.eu
1. ECB, ESCB and decision making Rubric European System of Central Banks (ESCB): ECB and national central banks of the 28 Member States of the European Union FI Eurosystem: ECB and national central banks of the 19 EU Member States of the euro area SE EE LV Single Supervisory Mechanism: ECB and the LT national supervisory authorities of the euro UK area and other EU countries which choose to PL NL participate DE BE CZ LU SK AT Euro area: 19 EU FR HU RO SI Member States HR IT which have adopted the euro BG ES EU Member States GR with a derogation 3 www.ecb.europa.eu
Rubric 1. ECB, ESCB and decision making ECB Legislative powers Statistical requirements directly ECB to reporting agents resident in Governing Council the euro area ECB Executive powers Executive Board Support of ECB in the collection and ESCB Statistics Committee management of statistical information • Publications • Press conferences • Financial controls • Testimonies before the European Parliament www.ecb.europa.eu 4
2. Timeline of the ECB impact assessment Rubric Governing Council decision on Governing public consultation proposal Council A new End of final statistical consultation decision requirement period emerges Public consultation First draft Initial Fact Costs & merits Commission regulation via assess- finding assessment Consultation STC/LEGCO ment exercise based on options ~ 5 months 6-8 weeks Merits and Costs Procedure (MCP) Publication of the regulation 5 www.ecb.europa.eu
3. The Steps of the qualitative Merits and Costs Rubric Procedure a A new statistical requirement emerges The ECB and the ESCB decision making bodies (i.e. users of ESCB statistics) may need new statistics to adequately support monetary policy and financial stability analysis for sound policy decision-making b ESCB users request new statistics in relation to ESCB tasks and justify the needs Users describe the necessity of new requirements and indicate priorities User requirements are assessed and their usefulness evaluated 6 www.ecb.europa.eu
3. The Steps of the qualitative Merits and Costs Rubric Procedure Assessing existing Statistical statistics versus user c assessment needs & international reference points ECB/DG Statistics together with the ESCB/Statistics Committee investigates whether existing statistics could cover the new requirements identifies the extent to which a new collection would be needed assesses international reference points Consultation with experts from NCBs ECB DG- via the ESCB Statistics Committee Statistics d formulates Possible coordination with the options European Commission via Eurostat Options for meeting the requirements are considered, their significance, feasibility & methodological aspects assessed If new statistical Regulations link to statistical requirements of the Commission, the Commission is consulted via Eurostat 7 www.ecb.europa.eu
3. The Steps of the qualitative Merits and Costs Rubric Procedure NCBs estimate the costs of e Qualitative Cost assessment new data collection National Central Banks (NCBs) contact reporting agents according to national practice ECB/DG Statistics aggregates national estimates into euro area/EU-wide estimates and presents them to users Users weigh costs against merits, reconsider, Users assess the merits reformulate, reprioritise their needs f of new data collection in qualitative terms STC compares merits and costs & prepares a proposal for a new reporting scheme The STC prepares the new draft Regulation Public consultation Decision by the g Public consultation assessment Governing Council and final decision by the Governing Council 8 www.ecb.europa.eu
Rubric 4. Eurosystem Cost Benefit Analysis (ECBA) • Introduced by the Governing Council in 2015, for ESCB IT projects to enhance transparency and support decision-making • Evaluates at least two project alternatives and the ( extrapolated ) status quo , i.e. current system/service, incl. necessary maintenance • On a Eurosystem perspective: costs & benefits for ECB and NCBs • Quantitative assessment includes a cost leg Eurosystem Total Cost of Ownership ( ETCO ); and a benefit leg avoided costs and efficiency gains • Qualitative assessment intends to assess the qualitative advantages and disadvantages of a project/service for the whole ESCB and External users/stakeholders 9 www.ecb.europa.eu
5. Timeline for an ECB impact assessment & ECBA Rubric Governing Council decision on Governing public consultation proposal Council End of final consultation decision period Public consultation First draft Initial Fact MCP Costs & merits regulation via Commission assess- finding assessment ESCB Consultation ment exercise based on options Committees 5 months 6-8 weeks ECBA Pre-project phase Maintenance phase Investigation phase Realisation phase Quality Quality Quality ETCO Review Review Review compilation Gate 1 Gate 2 Gate 3 Project Project Project final fact finding approval assessment approval 10 www.ecb.europa.eu
Rubric Many thanks for your attention! 11 www.ecb.europa.eu
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