ECB Statistics has implemented a new interactive visualisation tool for the ECB’s “Our Statistics” website as part of its efforts to improve the communication of Euro area and National Statistics and to facilitate digital re-use for the journalist community.
The new visualisation tool – Financing and investment dynamics – presents statistics which the ECB, in close cooperation with national central banks and statistical institutes, has been publishing since 2016 as part of its quarterly financial accounts.
Statistics are pictured in the form of interactive network graphs, which present the financial interconnectedness between and within institutional sectors (e.g. households, government, corporates) and between them and the rest of the world. Users can navigate between individual financial instruments, sectors and time dimensions to better understand who is financing whom in the economy. The statistics and graphs provide valuable information for monetary policy and financial stability analysis.
ECB Statistics has implemented a new information architecture for the ECB statistics website as part of its efforts to facilitate the use and access to Euro area and National Statistics.
Apart from the structural changes, new visualisations are added to enable swift viewing of core statistics. The navigation structure provides a more intuitive and coherent way to access statistics based on economic concepts. Also, short introductions for each section now provide visitors with a better overview of what is available. There is a stronger focus on the most frequently used statistics and latest releases.
As part of preparing for the change, five tailor-made user surveys were conducted to map out users’ needs, their barriers and working patterns in using statistics. This included interviews with journalists, surveys of website users, international statisticians, large data users/vendors; and the banking community. The result lead to the concept of tailoring statistics to specific user segments.
The change is also a recognition that statistics is an ECB strategic asset and communicating about statistics is a mandatory obligation contributing to ECB’s transparency and accountability objectives and for building trust in ECB statistics and policy decisions.
The ECB has released a new Statistics Paper Series (SPS) no 16 with the title of "The statistical classification of cash pooling activities” its webpage. Cash pooling is a bank service that allows corporates to externalise the intra-group cash management, and thus manage their global liquidity effectively with lower costs.
The Household Finance and Consumption Survey (HFCS) is a recent initiative from the Eurosystem to collect comparable micro-data on household wealth and indebtedness in the euro area countries. SPS paper series no 15 with the title of "Unit non-response in household wealth surveys” has just been released on the ECB/SPS website.