FRANKFURT (MNI) – The recent debt crisis has shown that reliable
and timely government statistics are essential for the Stability and
Growth Pact to be properly implemented, European Central Bank Executive
Board member Juergen Stark said on Wednesday.
“… the principle of the professional independence of statistical
authorities needs to be fully adhered to by all Member States, in order
to avoid any potential political interference in the compilation of the
data for an excessive deficit procedure,” Stark said in a speech given
at an ECB conference on statistics.
The central banker highlighted the need for credible statistics in
Europe, stressing that if one set to statistics “is damaged”, spillover
effects could affect the credibility of other data.
“Most importantly, damaged credibility may expose unexpected
vulnerabilities, which could lead to a general loss of confidence in the
markets,” Stark said.
— Frankfurt bureau: +49-69-720 142; email: frankfurt@marketnews.com —
[TOPICS: MGX$$$,M$X$$$,M$$EC$]
