[4]  Chart 1 Euro area services trade balance (EUR billions)  Source: ECB. Notes: Quarterly data. The latest observation is for the fourth quarter of 2020. Chart 2 Euro area national accounts: selected components (quarter-on-quarter growth rates in percentages)  Source: Eurostat. Notes: Seasonally and working day adjusted quarterly data. The latest observation is for the fourth quarter of 2020. This highlights a dichotomy between the residency principle underpinning the macroeconomic statistical framework and the global footprint of MNEs. Data on the numerous entities belonging to MNE groups in different countries are not consolidated in the accounts of the home country of the parent MNE. Instead,  these are recorded in the national statistics of the economies where the entities reside, even if their role in domestic economic activity may be quite minor. This dichotomy also extends to the way statistics are collected and compiled: while companies are global, data are gathered nationally, refer only to the activities of MNEs that are located in the country and are subject to strict data confidentiality rules. While European law enables cross-border data sharing for statistical purposes, this is often prevented or highly circumscribed by national rules. Owing to the decentralised manner of data collection, the information sets for global companies that are available to national statisticians differ across countries, which limits cross-country comparability and overall data quality, including for the euro area.
In tribute to the Governor, as I know that Fernando Pessoa is one of his favourite poets, I'd like to quote his “Odes by Ricardo Reis”, in which he reminds us of the importance of being truly committed to our work. “To be great, be whole: don’t exaggerate Or leave out any part of you. Be complete in each thing. Put all you are Into the least of your acts." Thank you all for being here. 5/5