sabine lautenschlager : highlights of european statistics by the escb – present and future speech by ms sabine lautenschlager, member of the executive board of the european central bank, at the ecb conference held for world statistics day 2015 under the theme “ better data. better lives ”, frankfurt am main, 20 october 2015. * * * introduction ladies and gentlemen, it is a great pleasure to welcome you on behalf of the executive board of the ecb and also personally to our conference to honour the second world statistics day. i am very flattered to see that the conference has attracted distinguished participants from all parts of the world. welcome and be assured that your effort to come here today has not been in vain because from what i understand you have a very interesting day lined up ahead of you. back in 2010, the united nations general assembly designated 20 october 2010 as the first world statistics day, to which the ecb already contributed. more recently, the general assembly has decided to celebrate the second world statistics day on 20 october 2015. we are excited to be hosting the second world statistics day with its theme of “ better data. better lives ”. today ’ s conference takes stock of the economic and financial statistics produced by the european system of central banks ( escb ), composed of the ecb and the national central banks of the european union member states. throughout the conference you will be able to get an idea of the richness of our statistics and to learn more about the recent enhancements made to our statistical basis in response to new demands that resulted from the financial crisis. you will not only receive examples of the wide range of statistics the escb produces to support all central banking functions, in particular monetary and macro - prudential policies, but also about the links between the micro and macro dimensions of statistics. in addition, there will be a session about the efforts in disseminating these statistics to the general public. particular thanks go to our colleagues from the national central banks for their contributions to today ’ s conference. without their invaluable contributions we would clearly not be where we are today in terms of scope, breadth and frequency of the statistics available to the whole escb, the markets and the public at large. we are also honoured that the conference is addressed by mr min zhu, deputy managing director of the international monetary fund, and mr stefan schweinfest, director of the statistics division of the united nations, via video link later today

a very significant structural change, which has improved the conditions for investment and trade in the euro area. all things being equal, this much more stable environment facilitates decisions by producers, investors and consumers. it increases the confidence of economic agents and is therefore favourable to growth and job creation. had the single currency not existed, the various crises that have occurred at the global level over recent years would have translated into major turbulence for our economies. my third comment relates to the very powerful impact the euro has had on the creation of the single market. the euro has led companies to see the euro area as a whole as the relevant domestic market for their business, rather than their own national markets as in the past. in this respect, the single currency has undoubtedly been a catalyst for the progressive reshaping of the european productive sector, which are in turn creating a more efficient and vibrant economy. low medium and long - term market interest rates, better protection against external risks and shocks, and the strengthening of the european productive sector are all important benefits for the citizens of the euro area. it is always difficult to compare what you have with what you would have, had the euro had not been established five years ago. the present benefits are extremely substantial, a fact which is unfortunately not very often stressed. let me summarise the advantages for the citizens of the euro area, which would not exist without the euro : • the credible medium and long - term protection of their purchasing power throughout the euro area ; • the credible medium and long - term preservation of their savings throughout the euro area ; • favourable financing of their medium and long - term investment, in particular in housing, throughout the euro area ; • a total elimination of adverse effects on households from intra - european crises such as those observed in 1992 and 1993 ; and finally • a more efficient and resilient productive sector, which is particularly important in a global environment of renewed healthy competition, both within the industrialised world and between industrialised countries and emerging economies and economies in transition. let me add one final remark. i know that some of our fellow citizens have the feeling that euro area inflation has been, and perhaps continues to be, above the levels of cpi inflation computed by national institutions and by eurostat. i want to tell them that the figures published are not underestimating inflation. but i also want to tell them that the governing council of the ecb is fully aware of their fears. i want to assure them of our determination to preserve price