FRANKFURT (MNI) – Central banks and official statistical
organisations have already begun collecting a significant amount of
information for the European Systemic Risk Board (ESRB) to conduct an
effective macro-prudential analysis, but new data will be needed,
European Central Bank Vice-President Vitor Constancio said on Wednesday.
“For top-down macro-prudential analysis, efforts need to be made
towards harmonising, increasing the frequency, and extending the
coverage to the whole EU of the statistics for the banking sector and
other financial sectors, such as insurance,” Constancio said in remarks
prepared for a conference here.
The central banker stressed the “considerable efforts” that had
been made regarding the improvement of both the quality and the coverage
of information. However, “we should not be complacent,” he cautioned,
noting the “considerable gaps between the existing supply and the new
demand for data.”
“The ESRB, together with the ECB and the ESCB in their supporting
role, are not alone in facing challenges as regards the availability of
statistics for macro-prudential analysis,” Constancio said.
“In this respect, the ECB is committed to making a significant
contribution to the major global initiatives under way to narrow
information gaps, led in particular by the Financial Stability Board and
the IMF.”
— Frankfurt bureau: +49-69-720 142; email: frankfurt@marketnews.com —
[TOPICS: MGX$$$,M$X$$$,M$G$$$,M$$EC$]
