Draghi outlines importance of statistics at ECB

European Central Bank (ECB) president Mario Draghi, speaking on April 17, highlighted the role of statistics in the formation of monetary policy as he outlined three initiatives recently undertaken by the ECB.

Addressing the ECB Statistics Conference in Frankfurt, Draghi emphasised the limits of the current statistical approach, saying: "The traditional monetary statistics derived from individual banks' balance sheets are insufficient to gather information on financial groups that operate across borders and through non-bank subsidiaries."

Draghi outlined three initiatives that he said the ECB, in conjunction with the rest of the Eurosystem, are implementing. He said these initiatives would help the ECB implement its mandate.

He said the Eurosystem is developing a securities holdings database that will expand on existing ones to contain more information on financial institutions. Meanwhile, statistical legal acts are also being adjusted to align them with recently revised international standards.

Click here to read the speech.