A coordinated approach across the EU could be a win-win situation, as it would reduce the statistical reporting burden of MNEs by removing the need to fill in questionnaires from 27 Member States in more than 20 languages. Sixth, further sectoral detail is needed to allow for an adequate analysis of risk exposures and account for the activities of purely internationally oriented entities. To this end, the ESCB feasibility study on establishing new data for foreign-controlled corporations in the balance of payments and the financial sector accounts is very welcome. Ideally, such data would be available for both financial and non-financial accounts. With regard to the need for a harmonised recording of SPEs in cross-border statistics, the definition provided by the dedicated task force of the IMF Committee on Balance of Payments Statistics and the provision of operational recording guidance are welcome steps. These developments will be helpful in ensuring the availability of internationally consistent statistics, with a separate breakdown for SPEs in due course. Within the EU, other important initiatives include the Early Warning System on large corporate events and the Asymmetry Resolution Meetings, which the ECB and Eurostat have set up as part of the regular statistical production rounds to reduce bilateral asymmetries in the measurement of foreign direct investment. Seventh, I would like to take this opportunity to highlight the importance of climate change as a fledgling field for macroeconomic statistics.

The pandemic has further highlighted the value of high-frequency data for real-time decision-making. However, the statistical response to the pandemic has also demonstrated that the statistical system can respond in an agile and effective manner through cooperation and mutual assistance. A key lesson here is that access to privately held data can advance official statistics in a relevant way. As reflected in the ongoing initiatives to address measurement challenges at both the European and the global level, substantial further efforts are needed to improve the analytical value of key macroeconomic statistics. Facilitating the sharing of confidential data for statistical purposes across borders and exploring avenues to collect data on large internationally active institutions in a centralised way at the European level are high priorities. As a long-standing user of macroeconomic statistics, I look forward to today’s discussion and will closely follow the joint efforts to further enhance the availability and quality of European statistics. 1. I am grateful to Martin Schmitz and Gabor Vincze for their contributions to this speech. 2. See Lane, P.R. (2019), “The international transmission of monetary policy”, Keynote speech at the CEPR International Macroeconomics and Finance Programme Meeting, 14 November; and Lane, P.R. (2020), “The analytical contribution of external statistics: addressing the challenges”, Keynote speech at the Joint European Central Bank, Irving Fisher Committee and Banco de Portugal conference on “Bridging measurement challenges and analytical needs of external statistics: evolution or revolution?”, 17 February. 3. See Lane, P.R.