1 / 22

The implementation of the SDMX standards by the ECB and the European System of Central Banks

The implementation of the SDMX standards by the ECB and the European System of Central Banks. Werner Bier (ECB) Gérard Salou (ECB) Sami Airo (Bank of Finland). Presentation structure. The SDMX data model and the ESCB systems ESCB/Eurosystem implementations of the SDMX standards in:

freya
Download Presentation

The implementation of the SDMX standards by the ECB and the European System of Central Banks

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. The implementation of the SDMX standards by the ECB andthe European System of Central Banks Werner Bier (ECB) Gérard Salou (ECB) Sami Airo (Bank of Finland)

  2. Presentation structure • The SDMX data model and the ESCB systems • ESCB/Eurosystem implementations of the SDMX standards in: • data structures (compliant with the SDMX information model) • data and metadata exchanges using SDMX-EDI (GESMES/TS) • web dissemination • interface to the statistical data warehouse • euro reference exchange rates • euro area aggregates and national breakdowns; example: the Bank of Finland implementation • Costs and benefits • Way ahead; conclusions

  3. FREQUENCY A REF_AREA DE ADJUSTMENT N TRANSACTION B101 ASSET Z SECTOR 0 Observation 34955 CP_SECTOR 0 USE_RES 2 DENOM N SUFFIX 08 TIME PERIOD 2005 The SDMX data model (and star schema): the model is used in all layers of the ECB systems …and associated attributes, e.g. • observation status, etc. • & «higher level» attributes, e.g. • units • methodological info, etc

  4. Use of (SDMX-based) data structures • In the exchange, storage and dissemination of all data and associated metadata • In the internal system and the communication with partner institutions and the general public (SDMX-ML based extractions from the web site) • Covering most domains of economic statistics (e.g. monetary and financial statistics, balance of payments, price indices, short-term statistics, real sector, government finance statistics, securities, etc.)

  5. SDMX-EDI (GESMES/TS)used in all data file-based data exchanges ECB 7 EU NSIs ESCB 27 EU centralbanks IMF BIS EUROSTAT

  6. The ECB statistical data warehouse on the web full support of extractions in SDMX-ML format

  7. Euro reference exchange rates Extractions into SDMX-ML format

  8. Euro area aggregates and national breakdowns ECB web site contents ● SDMX-ML ● mirrored NCB sources

  9. Example: the ECB web page Extractions into SDMX-ML format

  10. Euro area aggregates and national breakdowns The mirroredBank of Finland implementation

  11. Example: the Bank of Finland (BoF) web page

  12. XML Datafrom ECB database SDMX v1 XSLLayoutof ECBwebsite XSLLayoutof BoFwebsite How does this work? ECB database

  13. SDMX-EDI data exchanges at BoF BoF Statistics Finland ECB EUROSTAT ETLA OECD BIS IMF

  14. Euro area aggregates and national breakdowns Achievements • The ESCB statistics sites appear as a co-ordinated network with an entry point in all national central banks (NCBs) • Users do not have to leave the NCB web site to consult ESCB data • Look and feel of NCB web site can be applied • Data is available in all Eurosystem national languages • Translation into national language is done by XSL file and key family metadata

  15. SDMX implementations: costs and benefits Costs: • Initial investment in tools and expertise (small if there is already a proper database infrastructure); • Maintenance (negligible, as compared with less automated means and tools) Benefits: • Automation; efficiency; resources can be shifted to more important activities • Minimum problem solving; • Statistical harmonisation • Common “language” and easy data sharing with others • Flexibility; very fast and easy adaptation to other domains • Rich metadata coverage • Easy response to new requirements • Great service to researchers; and to other domestic, European and other continents’ institutions • structural metadata maintenance; • technical maintenance

  16. SDMX implementations: costs and benefits Rough estimates • SDMX implementations in bulk data exchange - estimated savings: (at least) 120 FTE per year; also, lifespan of initial investment has been spectacular!The need for (very tiny only) changes in the basic technical infrastructure (write/read/load applications) has been negligible. • SDMX benefits from the web dissemination: so far, mainly to the ECB/NCBs profile and credibility, benefits to the general public and other institutions; drastically reduced costs by not needing anymore “to send” data to institutions with which there are special agreements; benefits become even more significant (also for home and third parties’ users) as more and more institutions implement

  17. A world-wide implementation: way ahead • More SDMX implementations across the globe • Reducing costs of data sharing to a minimum • The ECB already offers euro area data in SDMX-ML (easily downloadable by other institutions’ applications) • ECB users keen to benefit from the implementations of other continents’ institutions

  18. Questions? Further information on the ECB statistics and SDMX: http://www.ecb.int/stats/html/index.en.html and then: “Data services” e-mail: sis.external@ecb.int (ECB) sami.airo@bof.fi (Bank of Finland) Thank you!

More Related