Since autumn 2008 the accentuated turmoil in the world's financial markets induced major public interventions in Europe and worldwide to secure the stability of the financial system and support the economy. The financial and economic crisis also underlined the importance of statistics, such as notably macroeconomic indicators and government finance statistics, to inform public policymakers and the general public.
In this context, Eurostat - the Statistical Office of the European Union - recognised the need to ensure a coordinated approach across European countries on the statistical accounting consequences of bank and other market support operations by public authorities and to work closely with international partners on the statistical consequences of the financial turmoil.
The following areas can be distinguished:
- Financial Crisis and Statistics. Eurostat already offers information on a number of key indicators to monitor the effects of the financial crisis direct impact on financial markets and indirect impact on the real economy. Further work on European statistics is underway to support Europe 2020 and the enhanced macro-economic, budgetary and structural surveillance process.
- Statistical accounting of bank and other market support operations: Eurostat plays a major role in the European Statistical System in terms of methodological development, coordination and monitoring of government finance statistics, notably in relation to the stability and growth pact.
- ESS Action Plan: With this plan Eurostat aims to ensure that statisticians provide a swift response when called upon and develop harmonised recording approaches to the statistical treatment of bank and other market support operations.
- International cooperation on the statistical consequences of the financial turmoil: Eurostat is actively cooperating with major International Institutions (IMF, OECD, United Nations, European Central Bank) on the statistical consequences of the financial turmoil.