[4]  Chart 1 Euro area services trade balance (EUR billions)  Source: ECB. Notes: Quarterly data. The latest observation is for the fourth quarter of 2020. Chart 2 Euro area national accounts: selected components (quarter-on-quarter growth rates in percentages)  Source: Eurostat. Notes: Seasonally and working day adjusted quarterly data. The latest observation is for the fourth quarter of 2020. This highlights a dichotomy between the residency principle underpinning the macroeconomic statistical framework and the global footprint of MNEs. Data on the numerous entities belonging to MNE groups in different countries are not consolidated in the accounts of the home country of the parent MNE. Instead,  these are recorded in the national statistics of the economies where the entities reside, even if their role in domestic economic activity may be quite minor. This dichotomy also extends to the way statistics are collected and compiled: while companies are global, data are gathered nationally, refer only to the activities of MNEs that are located in the country and are subject to strict data confidentiality rules. While European law enables cross-border data sharing for statistical purposes, this is often prevented or highly circumscribed by national rules. Owing to the decentralised manner of data collection, the information sets for global companies that are available to national statisticians differ across countries, which limits cross-country comparability and overall data quality, including for the euro area.

To support the transition to a more sustainable economy, there is a basic requirement for official statistics to be made available to meet the growing demand for underlying data and indicators to assess the social and economic impact of climate change and monitor the financial vulnerabilities stemming from physical and transitional risks. The close links between the financial and non-financial dimensions in this field make a collaborative approach particularly important. Finally, taking a longer time horizon into consideration, the ongoing review and update of the international statistical manuals (in particular the Balance of Payments Manual and the System of National Accounts) offers an opportunity to rethink the key concepts of macroeconomic statistics. One avenue is the consolidated framework, in which all entities belonging to a corporate group are assigned to the country of the headquarters. Such an approach has the potential to provide a useful alternative perspective, particularly on MNEs and in the identification of ultimate financial exposures. At the same time, such a consolidated accounting framework should complement rather than replace the residence-based framework, as both approaches offer specific advantages depending on the purpose at hand. Conclusions In conclusion, globalisation and the pandemic have both brought to the fore major measurement challenges for macroeconomic statistics. On the real side, globalisation-related measurement issues are affecting the analytical value of the statistics on balance of payments and national accounts. On the financial side, the key issues relate to the changing nature of FDI and to the proper measurement of financial exposures and risks.