SPEECH  Maximising the user value of statistics: lessons from globalisation and the pandemic Speech by Philip R. Lane, Member of the Executive Board of the ECB, at the European Statistical Forum (virtual) 26 April 2021 Economic and financial statistics play a central role in guiding monetary policy decisions: central banks constitute an important user group for the output of statistical agencies, while also helping to collect the data underpinning many macro-financial statistical series. Events such as the European Statistical Forum provide a welcome opportunity to bring together the producers and users of statistics. In my remarks today, I will discuss two main topics: the first topic is the globalisation-related measurement challenges for macroeconomic statistics, with a focus on external and national accounts; the second topic is the data needs exposed by the pandemic crisis. [1],[2] I will highlight some of the ongoing initiatives to address these measurement challenges, and outline some ideas to enhance further the quality of official statistics. Measurement challenges related to globalisation The cross-border integration of production – through both the activities of multinational enterprises (MNEs) and the complex production chains that connect firms specialising in different stages of production – has been an important engine of the globalisation of trade, finance and technology. [3] MNEs typically have complex organisational structures made up of interlinked legal entities, including special purpose entities (SPEs). Transactions by MNEs, which are often made intra-group, are sufficiently large to pose challenges to the interpretation of balance of payments and national accounts statistics.

These made it possible to track – almost in real time – the number of applications to job retention schemes by region and industry and to analyse the use of job retention schemes by large firms. In similar vein, high-frequency data on weekly credit card payments can serve as a proxy for retail sales, and the consumption of inputs such as electricity, gas and fuel as a proxy for activity levels. Chart 8 High-frequency labour market indicators: hiring rate and job postings  Sources: LinkedIn, Indeed and ECB calculations. Notes: The methodology behind the high-frequency indicators on new hires and job postings is documented in the box entitled “High-frequency data developments in the euro area labour market”, Economic Bulletin, Issue 5, ECB, 2020. The latest observation is for February 2021. Survey-based information has proven especially useful during the pandemic. In addition to the wellestablished financial surveys carried out by the ECB (such as the bank lending survey and the survey on the access to finance of enterprises), the qualitative information collected in the regular corporate telephone survey and the rich information contained in the pilot consumer expectations survey have been important in policy-making. Addressing the measurement challenges Many of the indicators that we monitor at the ECB are provided by the national statistical institutes and the European Statistical System (ESS). The excellent cooperation between the ESS and the European System of Central Banks (ESCB) during this challenging period has therefore been particularly valuable.