Committee on Monetary, Financial and Balance of Payments Statistics explained

Committee on Monetary, Financial and Balance of Payments Statistics
Abbreviation:CMFB
Founder:European Commission
Type:Governmental commission
Purpose:Advise
Region Served:Europe
Products:Advisories
Owner:European Union
Website: -->

Committee on Monetary, Financial and Balance of Payments Statistics (CMFB) is an advisory committee for the European Commission (Eurostat) and European Central Bank for cooperation between the statistical and central banking community in the Europe Union.[1]

History

The CMFB was originally established in 1991.[2]

It was designed so that the European Commission, on its own initiative, and, should the occasion arise, following a request from the Council or from the committees, could consult the Committee on:

The Committee may express opinions on its own initiative on any questions relating to the establishment or the implementation of statistical programmes in the monetary, financial and balance of payments fields.

Opinions

The CMFB's main output are its opinions, adopted by a majority of its members, according to the applicable rules of procedure.[3] Special rules apply for adoption opinion in the context of the Excessive Deficit Procedure[4] [5]

Below is a list of the most recent significant opinions that the Committee has concluded, upon the request of one or more EU Member States:

12 July 2023CMFB opinion on the Exchange of Confidential Statistical Information (ECI) on European Statistics for statistical purposes between the ESS and the ESCB [6]
03 June 2023CMFB opinion on the Legal Entity Identifier (LEI) as unique identifier of financial and non-financial companies for statistical purposes [7]
13 March 2023CMFB opinion on the supplementary table for reporting government interventions to mitigate the impact of high energy prices [8]
30 November 2022CMFB opinion on the amendment of the Eurostat Manual on Government Deficit and Debt, 2022 edition [9]
11 August 2021CMFB opinion on the supplementary table for the reporting of the Recovery and Resilience Facility (RRF) associated flows [10]
23 March 2021CMFB opinion on the supplementary table for the reporting of the measures taken by the Member States due to the COVID-19 pandemic [11]
27 June 2019CMFB opinion on the proposal for a Regulation of the European Parliament and of the Council establishing the Programme for single market, competitiveness of enterprises,including small and medium-sized enterprises, and European statistics [12]
13 May 2019CMFB opinion on the amendment of the Eurostat Manual on Government Deficit and Debt, 2019 edition [13]
31 October 2018CMFB opinion on the statistical treatment of asset partitioning in Energy Performance Contracts (EPCs) [14]
25 September 2018CMFB Opinion on the recording of Euro coins in national accounts[15]
13 July 2017CMFB opinion on the statistical classification of the Hungarian Export-Import Bank (Eximbank)[16]
12 September 2016CMFB opinion on re-shaping the connection between business statistics and BOP-IIP[17]
13 May 2016CMFB opinion on the principles for re-shaping the connection between business statistics and BoP/IIP[18]

Advisory role in the EU's Excessive Deficit Procedure

The CMFB's role in the excessive deficit procedure (EDP) is in an advisory capacity that include the following requirments:

[19]

Quality in the EU's macroeconomic imbalance procedure

The CMFB's role in ensuring the quality of statistics underlying the EU's Macroeconomic Imbalance Procedure (MIP) is to make sure there are sound and harmonised official statistics.

The (ECOFIN) Council of the European Union, in its 2015 conclusions on EU statistics, recalled that the Macroeconomic Imbalances Procedure must rely upon such statistics. The Council welcomed the close cooperation of the European Statistical System (ESS) and the European System of Central Banks (ESCB), using existing fora, in ensuring the reliability of the statistics underlying the Macroeconomic Imbalances Procedure (MIP) and their comparability, welcomed the production of the first ESS-ESCB quality report on MIP statistics and encouraged the two statistical systems to give high priority to taking forward this programme.[20]

As the statistics underlying MIP indicators are compiled, depending on domain, either or both by both the European Statistical System (ESS) and the European System of Central Banks (ESCB) within their respective spheres of competence, the two systems continuously cooperate statistical quality assurance mechanisms to ensure that these statistics are reliable and comparable across Member States. According to the Memorandum of Understanding between the ESS and the ESCB,[21] [22] the Committee on monetary, financial and balance of payments statistics (CMFB) is the operational platform for such cooperation.

The CMFB, starting 2013, developed a three level quality assurance framework for the statistics underlying the Macroeconomic Imbalance Procedure and published the related quality reports (Quality reports concerning statistics underlying the MIP indicators).

Notes and References

  1. Web site: Council Decision (EC) 856/2006: establishing a Committee on monetary, financial and balance of payments statistics (recast). 13 November 2006. Eur-Lex.europa. PDF. 9 June 2016.
  2. Web site: Council Decision (EC) 115/1991: establishing a Committee on monetary, financial and balance of payments statistics. 25 February 1991. Eur-Lex.europa. PDF. 9 June 2016.
  3. Web site: CMFB Rules of Procedures. 28 October 2018. www.cmfb.europa.eu.
  4. Web site: CMFB Rules of Procedures for consultations about the statistics underlying the Excessive Deficit Procedure. www.cmfb.europa.eu. 28 October 2018.
  5. Web site: List of CMFB opinions. www.cmfb.europa.eu. 28 October 2018. https://web.archive.org/web/20181028225632/http://www.cmfb.europa.eu/publications/opinions. 28 October 2018. dead.
  6. Web site: CMFB opinion on the Exchange of Confidential Statistical Information (ECI) on European Statistics for statistical purposes between the ESS and the ESCB . 8 March 2024.
  7. Web site: CMFB opinion on the Legal Entity Identifier (LEI) as unique identifier of financial and non-financial companies for statistical purposes . 8 March 2024.
  8. Web site: CMFB opinion on the supplementary table for reporting government interventions to mitigate the impact of high energy prices . 8 March 2024.
  9. Web site: CMFB opinion on the amendment of the Eurostat Manual on Government Deficit and Debt, 2022 edition . 8 March 2024.
  10. Web site: CMFB opinion on the supplementary table for the reporting of the Recovery and Resilience Facility (RRF) associated flows . 8 March 2024.
  11. Web site: CMFB opinion on the supplementary table for the reporting of the measures taken by the Member States due to the COVID-19 pandemic . 8 March 2024.
  12. Web site: CMFB opinion on the proposal for a Regulation of the European Parliament and of the Council establishing the Programme for single market, competitiveness of enterprises, including small and medium-sized enterprises, and European statistics. 27 June 2019.
  13. Web site: CMFB opinion on the amendment of the Eurostat Manual on Government Deficit and Debt, 2019 edition. www.cmfb.europa.eu. 27 June 2019.
  14. Web site: CMFB Opinion on the statistical treatment of asset partitioning in Energy Performance Contracts (EPCs). www.cmfb.europa.eu. 27 June 2019.
  15. Web site: CMFB Opinion on the recording of Euro coins in national accounts. www.cmfb.europa.eu. 28 October 2018.
  16. Web site: MFB opinion on the statistical classification of the Hungarian Export-Import Bank (Eximbank). www.cmfb.europa.eu. 28 October 2018.
  17. Web site: CMFB opinion on re-shaping the connection between business statistics and BOP-IIP. www.cfmfb.europa.eu. 28 October 2018.
  18. Web site: CMFB opinion on the principles for re-shaping the connection between business statistics and BoP/IIP. www.cmfb.europa.eu.
  19. Web site: Council Regulation (EC) 479/2009: on the application of the Protocol on the excessive deficit procedure annexed to the Treaty establishing the European Community. 25 May 2009. Eur-Lex.europa. PDF. 9 June 2016.
  20. Web site: ECOFIN Council Conclusions on EU Statistics 2015. 8 December 2015. 10 June 2016.
  21. Web site: Memorandum of Understanding on the Cooperation between the Members of the European Statistical System and the Members of the European System of Central Banks. 24 April 2013. European Central Bank. 10 June 2016.
  22. Web site: Memorandum of Understanding on the Cooperation between the Members of the European Statistical System and the Members of the European System of Central Banks. 24 April 2013. Eurostat. 10 June 2016.

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