It is therefore crucial that the updates of the two statistical framework regulations governing the collection, compilation and dissemination of European statistics – which are currently in the process of being prepared – allow the exchange of such micro-data while retaining strict confidentiality standards. 12 Concerning its statistical output, the ECB is looking at ways of meeting the statistical needs resulting from the turmoil on the financial markets. First, it may be appropriate to investigate the merits and costs of further expanding the ECB’s Centralised Securities Database (CSDB), which already contains reference information for several million different securities. In view of the ongoing financial turmoil, there may be increased merit in further investment in this database, adding, in the medium term, information on the holders of such securities and more detailed information on complex structured securities, including chains of securities and tranches of securities with different ratings. 13  11  The distribution of labour between the ECB’s Directorate-General Statistics and Eurostat is laid down in a memorandum of understanding (http://www.ecb.europa.eu/ecb/legal/pdf/en_mou_with_eurostat1.pdf). 12  Council Regulation (EC) No 2533/98 of 23 November 1998 concerning the collection of statistics by the ECB (O.J. L318, 27.11.98, p.8) and Council Regulation (EC) No 322/97 of 17 February 2997 on Community Statistics (O.J. L52, 22.2.97, p. 1). 13  The CSDB already enables the estimation of aggregate information on total issuance and outstanding amounts for all kinds of securities.

As regards the collection of data, the ESCB’s Statistics Committee (STC) and Banking Supervision Committee (BSC) will, in cooperation with the Committee of European Banking Supervisors, look at means of better aligning supervisory and statistical concepts, definitions and reporting formats, with the aim of reducing the reporting burden for financial institutions in the case of overlapping data requirements. The STC will also investigate the feasibility of reusing and sharing available micro-data for Eurosystem statistical purposes – particularly data contained in central credit registers, central balance sheet offices and business registers – while maintaining strict confidentiality standards. Furthermore, it is considered best practice for a central bank to integrate the overlapping parts of the various statistics it produces and to concentrate the production of all of its statistics within a single statistical organisational unit. As far as data processing is concerned, the feasibility of a move towards the consolidated or pooled collection and production of some types of Eurosystem statistics will be explored. In addition, NCBs are invited to exploit comparative advantages in their cooperation with other national statistical authorities, 11 for instance by setting up joint business registers. In this context, it is generally agreed that an enhanced exchange of confidential information between NCBs, the ECB, NSIs and Eurostat, strictly for statistical purposes, is indispensable in order to keep the response burden to a minimum and ensure the quality of both European and national statistics.