Framework for compilation of statistics

1. National framework
Danmarks Nationalbank and Statistics Denmark have agreed that the main responsibility for the compilation of financial statistics rests with Danmarks Nationalbank. This division of work is set out in a formal cooperation agreement concluded in the spring of 2000.

Danmarks Nationalbank's statutory authority to collect and use statistics is laid down in section Danmarks Nationalbank Act . Futhermore see note on New statistics provision in the Danmarks Nationalbank.

2. International framework

ECB (The European Central Bank)
EU cooperation and the introduction of the single currency, the euro, require a comprehensive overview of economic and financial trends in the individual member states, the EU and the euro area as a whole. National statistics are therefore being harmonised on an ongoing basis to enable the member states to report comparable economic and financial statistics to Eurostat (the statistics office of the European Commission) and the ECB.

The principles for compilation of financial statistics are laid down by the ECB in cooperation with the national central banks. The basis is the Report on Statistical Requirements for Stage Three of Monetary Union (Implementation Package) published in 1996 by the ECB’s predecessor, the EMI.

Even though Denmark is outside the euro area, Danmarks Nationalbank cooperates on equal terms with the other EU central banks on compiling statistics for the ECB. The guidelines for the EU member states’ reporting of financial statistics to the ECB thus apply to all EU member states whether or not they have introduced the euro. Danmarks Nationalbank is therefore an active participant in the ECB’s Statistics Committee and its subcommittees.

IMF (SDDS)
In April 1996 the IMF established an international standard for the publication of data, SDDS (Special Data Dissemination Standard). SDDS is intended to promote the publication of economic and financial statistics of satisfactory quality in order to provide a better basis for assessment of a country’s economic and financial situation.

Denmark’s subscription to SDDS entails an obligation for Statistics Denmark and Danmarks Nationalbank to:

• meet certain mimimum requirements regarding the coverage, frequency and timeliness of economic and financial statistics,
• update a national data page with summary Danish statistics and issue a publications calendar for non-residents,
• input source and methodology data and other information on the Danish statistics to a common database administered by the IMF (Dissemination Standards Bulletin Board).