Recommendation of the European Central Bank of 31 January 2025 on statistical reporting requirements of the European Central Bank in the field of household wealth, income and consumption statistics (ECB/2025/5)
Date: 2025-01-31
Institutions: European Central Bank
Subjects: data collection, disclosure of information, euro area, exchange of information, household, household consumption, household income, social statistics, statistics, wealth








C_202501164EN.000101.fmx.xml












Official Journal of the European Union


EN
C series













C/2025/1164


27.2.2025







            RECOMMENDATION OF THE EUROPEAN CENTRAL BANK
         
of 31 January 2025
         
on statistical reporting requirements of the European Central Bank in the field of household wealth, income and consumption statistics
(ECB/2025/5)
(C/2025/1164)


THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular Article 5.1 thereof,

Whereas:







(1)


To undertake certain tasks prescribed to it under the Treaty on the Functioning of the European Union (TFEU), the European System of Central Banks (ESCB) requires comprehensive and reliable statistical information on household wealth, income and consumption. The statistical information requirements of the European Central Bank (ECB) in this area are laid down in Guideline ECB/2025/3 of 31 January 2025 on the statistical reporting requirements of the ECB in the field of household wealth, income and consumption (1). The Guideline requires national central banks (NCBs) of euro-area Member States to report to the ECB statistical information on wealth, income and consumption in accordance with its requirements for the purposes explained in its recitals. In accordance with Article 34.1, third indent, of the Statute of the ESCB and of the ECB, the ECB may also make recommendations concerning the collection of the statistical information necessary to undertake the tasks of the ESCB.












(2)


Household-level information on wealth, income and consumption that is necessary to meet the ECB’s requirements under the Guideline is currently only available through the Household Finance and Consumption Survey (HFCS), which is conducted in each Member State by euro area and non-euro area NCBs, or by other competent authorities on the basis of national laws which allow for the collection of household-level information by survey from natural persons. Certain non-euro area NCBs have therefore put in place arrangements for, and are carrying out, the collection of statistical information that falls within the scope of Guideline ECB/2025/3.












(3)


The respective statistical information collected by non-euro area NCBs would be used by the ECB to analyse the effects of monetary policy measures across different households, which represents a key component of the proportionality assessment for the conduct of monetary policy in the Union as a whole, in line with Article 127(2) of the TFEU. Such information would also be used for the ESCB’s contribution to the smooth conduct of policies pursued by the competent authorities relating to the stability of the financial system, in line with Article 127(5) of the TFEU.












(4)


As explained in recital (8) of Guideline ECB/2025/3, Article 5 of the Statute of ESCB and of the ECB, together with Article 4(3) of the Treaty on European Union, implies that non-euro area Member States which plan to adopt the euro should design and implement measures for the collection of the statistical information required to fulfil the ECB’s statistical reporting requirements in preparation for such adoption of the euro. For the purposes of enabling the ECB to obtain a comprehensive overview of the statistical information collected across the Union and to carry out relevant analysis, NCBs of non-euro area Member States that adopt the euro should be required to provide the ECB with statistical information covering a specified period prior to their adoption of the euro.












(5)


In order to fulfill the reporting requirements as set out in Guideline ECB/2025/3 in a coordinated and effective manner and to ensure legal certainty, it is important for this Recommendation to take effect at the same time as that Guideline,





HAS ADOPTED THIS RECOMMENDATION:


I.   Definitions

For the purposes of this Recommendation, the terms used have the same meaning as given in Guideline ECB/2025/3.
II.   Provision of statistical information







(a)


The addressees are requested to comply with the obligations of euro area NCBs as laid down in Articles 3 to 18 of Guideline ECB/2025/3, in a timely manner.










(b)


The information to be reported pursuant to Guideline ECB/2025/3 should be made available in accordance with the statistical standards and requirements of the ECB referred to therein.




III.   Final Provisions

The addressees are requested to give effect to this Recommendation from the date of notification of Guideline ECB/2025/3 to the national central banks of the Member States whose currency is the euro.
This Recommendation is addressed to the NCBs of non-euro Member States.



Done at Frankfurt am Main, 31 January 2025.


The President of the ECB

Christine LAGARDE
            





(1)  Guideline (EU) 2025/333 of the European Central Bank of 31 January 2025 on statistical information to be reported on household wealth, income and consumption (ECB/2025/3) (OJ L, 2025/333, 27.2.2025, ELI: http://data.europa.eu/eli/guideline/2025/333/oj).


ELI: http://data.europa.eu/eli/C/2025/1164/oj
ISSN 1977-091X (electronic edition)