The statistics should only reflect differences in economic developments and the impact of the underlying phenomena. They should not be clouded by differences in statistical methodology. In close cooperation with statisticians globally, the ECB is contributing to the G20 initiatives 13 to provide harmonised and transparent global financial statistics in real time.
These initiatives had significant input from the ECB and were welcomed recently also by the International Monetary and Financial Committee of the IMF Board of Governors. 14 “Statistics may be defined as a body of methods for making wise decisions in the face of uncertainty.” W.A. Wallis 15 Globalisation has increased this uncertainty.