�Explanatory meeting on Chapter 18: Statistics

�12-13 February 2019 ��Balance of Payments and International Investment Position��

Legal basis

• Article 338 of the Treaty on the Functioning of the EU (TFEU)

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• Provides enabling basis for legislation on European statistics
• Lists a set of fundamental principles to be observed by the European Statistical System

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• Basic legal act��Regulation (EC) No 184/2005 of the European Parliament and of the Council of 12 January 2005 on Community statistics concerning balance of payments, international trade in services and foreign direct investment

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New BOP and FDI data structure definitions designed in SDMX

Set out new BOP data requirements an definitions

In accordance with new international manuals IMF's BPM6, OECD BD4 and UN MSITS

Introduction of Monthly BOP & Quarterly IIP data request

First data delivery:

Quarterly BOP & Q1/2014 IIP – June 2014

Monthly BOP: first reference month starting from April 2014

Commission Regulation (EU) No 555/2012 – as regards the update of data requirements and definitions

New BOP data requirements and definitions as of 2014

Adopted June 2012; in force from 1 Jan 2014

Adaptations and implementations of the basic act

Format and procedure for data transmission

Commission Regulation 601/2006

as amended by

➥ Commission Implementing� Regulation (EU) 228/2014

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Quality criteria and annual quality reporting

Commission Regulation (EC) 1055/2008

as amended by

➥ Commission Regulation (EU)� 1227/2010 

Update of data requirements

Commission Regulation (EC) 602/2006

Commission Regulation (EC) 707/2009

Regulation (EU) 2016/1013 – governance and data requirements

Secondary legislation on BOP

• Data to be submitted in electronic form via Single Entry Point
• Use of GESMES or SDMX data format
• BOP and SDMX DSD designed in SDMX

• MSs submit Quality Report by 31 May
• Quality criteria: relevance, accuracy, timeliness, punctuality, accessibility and clarity, comparability and coherence

• The reference document for national BOP compilers for data transmissions to Eurostat,
• Specifies Eurostat's needs and assists national compilers to fulfill them,
• Reflects the requirements of Regulation (EC) No 184/2005 amended by Regulation (EU) No 555/2012 and Regulation 2016/1013,
• Distinguishes between requirements for euro area MSs (more detailed) and non-EA countries,
• Specifies timetable of transmissions of monthly, quarterly and annual datasets,
• Updated annually and available on Eurostat website,
• Not legally binding.

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BOP Vademecum

16 dimensions

BOP DSD

13 attributes

BOP DSD

QUARTERLY BOP

• Data requested at t + 85 days

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• 96 current account items
• 13 capital account items
• 49 financial account items
• Sector breakdown requested in financial account and investment income items
• Net lending/net borrowing
• Errors and omissions

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Data request

Monthly BOP

• Data requested at t + 44 days

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• 37 main BOP items
• Financial account data voluntary for non-Euro Area countries

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• Data requested at t + 85 days - 46 items

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• Other flows mandatory only for EA countries.

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Data request

Quarterly IIP

4 levels of geographical breakdown

• Geo 1 – Total World
• Geo 2 – Total World, Intra/Extra EA
• Geo 3 – Total World, Intra/Extra EU/EA
• Geo 4 – Total World, Intra/Extra EU/EA, EU institutions, Offshore financial centres, CH, RU, US, CA, BR, CN, HK, IN, JP, non-EA EU Member States, EIB, IMF, International Organisations (EA EU Member States on voluntary basis)

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GEO breakdown

Transmission format

• Data flows

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• BPM6_BOP_M - Monthly BoP
• BPM6_BOP_Q - Quarterly BoP and quarterly IIP
• BPM6_ITS_A International Trade in Services and Remittances
• BPM6_FDI_A - Foreign Direct Investment flows, income and positions

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• Data to be sent in SDMX format: �SDMX-ML or SDMX-EDI (Gesmes/TS)

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Eurostat BOP – contact information

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➥ Olaf Nowak (olaf.nowak@ec.europa.eu)

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• Thank you for your attention!