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For any question on data and metadata, please contact: Eurostat user support |
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1.1. Contact organisation | Eurostat, the statistical office of the European Union. |
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1.2. Contact organisation unit | C1: National accounts methodology; Standards and indicators. |
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1.5. Contact mail address | 2920 Luxembourg LUXEMBOURG |
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2.1. Metadata last certified | 27/11/2023 | ||
2.2. Metadata last posted | 27/11/2023 | ||
2.3. Metadata last update | 27/11/2023 |
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3.1. Data description | ||||||||||||||||||
The present data collection consists of the following indicators:
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3.2. Classification system | ||||||||||||||||||
Interest rates:
Bilateral exchange rates: National Currency: EUR Effective exchange rates indices: Data follow the methodology of DG ECFIN, please see the technical annex at https://economy-finance.ec.europa.eu/economic-research-and-databases/economic-databases/price-and-cost-competitiveness/what-price-and-cost-competitiveness-report_en#related-documents. |
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3.3. Coverage - sector | ||||||||||||||||||
Interest rates:
Bilateral exchange rates: Not applicable Effective exchange rates indices: Not applicable |
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3.4. Statistical concepts and definitions | ||||||||||||||||||
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3.5. Statistical unit | ||||||||||||||||||
Interest rates:
Bilateral exchange rates: Not applicable Effective exchange rates indices: Index 2015 = 100 |
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3.6. Statistical population | ||||||||||||||||||
Interest rates:
Bilateral exchange rates: Not applicable Effective exchange rates indices: Industrial countries |
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3.7. Reference area | ||||||||||||||||||
Interest rates:
Bilateral exchange rates: Non-euro area European Union Member States, EFTA countries, EU candidate countries, other countries Effective exchange rates indices: European Union – 27 countries, euro area – 20 countries (from 2023), EU Member States, Norway, Switzerland, Turkey, United Kingdom, Australia, Brazil, Canada, China (including Hong Kong), Hong Kong, Japan, Mexico, Russia, New Zealand, South Korea, United States |
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3.8. Coverage - Time | ||||||||||||||||||
Interest rates:
Bilateral exchange rates: Exchange rates against the Euro/ECU. Daily rates are available for the ECU from 1 July 1974 to 31 December 1998 and EUR from 4 January 1999, against a large number of currencies. However, monthly average series starts in January 1971: from that date until June 1974 these are theoretical EUA rates based on the EUA basket. Effective exchange rates indices: Series start in 1994. |
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3.9. Base period | ||||||||||||||||||
Effective exchange rates indices: Average of 2015 = 100 Other indicators: Not applicable |
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Interest rates: Percentages per annum Bilateral exchange rates: ECU/euro and national currency Effective exchange rates indices: Indices |
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All series are monthly. |
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6.1. Institutional Mandate - legal acts and other agreements | |||
Interest rates:
Bilateral exchange rates: Council Regulation (EC) No 1478/2000 of 19 June 2000 amending Regulation (EC) No 2866/98 on the conversion rates between the euro and the currencies of the Member States adopting the euro Effective exchange rates indices: Use in economic analyses and forecasts of the European Commission. Inclusion of REER in the list of indicators for the Macroeconomic Imbalance Procedure (MIP). |
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6.2. Institutional Mandate - data sharing | |||
Euro yield curves: The dataset is received from the ECB as part of a memorandum of understanding. Effective exchange rates indices: Under a memorandum of understanding, the Macroeconomic Imbalance Procedure indicators are shared with the European Central Bank. Other indicators: Not applicable |
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7.1. Confidentiality - policy | |||
Regulation (EC) No 223/2009 on European statistics (recital 24 and Article 20(4)) of 11 March 2009 (OJ L 87, p. 164), stipulates the need to establish common principles and guidelines ensuring the confidentiality of data used for the production of European statistics and the access to those confidential data with due account for technical developments and the requirements of users in a democratic society. |
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7.2. Confidentiality - data treatment | |||
Not applicable. |
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8.1. Release calendar | |||
3-month interest rates, long-term government bond yields (Maastricht criterion interest rates): the precise date of release each month of these series is disseminated in the Euro indicator release calendar on the Eurostat website. Euro yield curves: Daily data are released on the euro yield curve pages of the Eurostat website each day (t+2 days). Bilateral exchange rates: The ECB applies the following rules for the euro reference rates. The reference rates are usually updated around 16:00 CET on every working day, except on TARGET closing days. They are based on a regular daily concertation procedure between central banks across Europe, which normally takes place at 14:15 CET. They are then published on the ECBs website. There are available release calendars in national central banks and in the Bundesbank websites. The euro area national central banks may publish more comprehensive lists of euro reference exchange rates than that published by the ECB. Effective exchange rates: A release calendar is not available. |
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8.2. Release calendar access | |||
The release dates are disseminated in the Euro indicator release calendar on the Eurostat website, |
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8.3. Release policy - user access | |||
In line with the Community legal framework and the European Statistics Code of Practice, Eurostat disseminates European statistics on Eurostat’s website (see principle 10 – ‘Accessibility and Clarity’) respecting professional independence and in an objective, professional and transparent manner in which all users are treated equitably. The detailed arrangements are governed by the Eurostat’s Protocol on impartial access to Eurostat data for users. |
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Monthly |
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10.1. Dissemination format - News release | |||
Eurostat does not normally produce news releases on monetary and financial indicators. The European Central Bank produces a monthly news releases on monetary developments in the euro area. Euro yield curves: Please see ECB webpage: https://www.ecb.europa.eu/stats/financial_markets_and_interest_rates/euro_area_yield_curves/html/index.en.html |
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10.2. Dissemination format - Publications | |||
Data may appear in various Eurostat publications, including the monthly article on Statistics Explained - Eurostatistics - data for short-term economic analysis. Euro yield curves: Please see ECB note: https://www.ecb.europa.eu/stats/financial_markets_and_interest_rates/euro_area_yield_curves/html/technical_notes.pdf Effective exchange rates: Data section on DG ECFIN’s website: https://ec.europa.eu/info/business-economy-euro/indicators-statistics/economic-databases/price-and-cost-competitiveness/price-and-cost-competitiveness-data-section_en |
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10.3. Dissemination format - online database | |||
Data are available in Eurostat’s database as either selected datasets or detailed datasets.
The indicators are also presented in the Euro indicators dashboard. |
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10.4. Dissemination format - microdata access | |||
Not applicable. |
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10.5. Dissemination format - other | |||
Not applicable. |
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10.6. Documentation on methodology | |||
Interest rates:
Bilateral exchange rates: For documentation on methodology please consult:
Effective exchange rates indices: Data follow the methodology of DG ECFIN, see https://ec.europa.eu/info/business-economy-euro/indicators-statistics/economic-databases/price-and-cost-competitiveness_en |
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10.7. Quality management - documentation | |||
Bilateral exchange rates: See Deutsche Bundesbank’s Quality report on exchange rate statistics. Effective exchange rates: Eurostat’s mission is to provide the European Union with a high-quality statistical information service (see ESS quality framework). Other indicators: Not applicable |
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11.1. Quality assurance | |||
Effective exchange rates: The entire dataset is recalculated and checked every month by the DG ECFIN, as component series are frequently revised. Other indicators: Not available. |
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11.2. Quality management - assessment | |||
Not available. |
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12.1. Relevance - User Needs | |||
Interest rates:
Bilateral exchange rates: The bilateral exchange rates of the euro are used by the public at large. Other statistical domains use the bilateral exchange rates for compiling European and EU aggregates. Effective exchange rates indices: The NEER tracks changes in the value of a country’s currency relative to the currencies of its principal trading partners. The REER is used as competitiveness indicator. The series are used in European Commission economic analyses and forecasts. The REER is also included in the MIP indicators. |
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12.2. Relevance - User Satisfaction | |||
Bilateral exchange rates: An analysis of the web traffic shows that exchange rate pages are mainly visited and that bilateral euro exchange rates data are largely extracted. Internal users commonly use the statistics as input for analysis and calculation of European and EU aggregates according to the 2020 user survey conducted by unit C2. Other indicators: Not available. |
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12.3. Completeness | |||
Interest rates:
Bilateral exchange rates: Daily data start in 2001. Data cover only periods with convertible currencies. Effective exchange rates indices: The data are calculated for all the countries and areas included covering the entire time span i.e. starting 1994. |
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13.1. Accuracy - overall | |||
Euro yield curves: Due to the high number of bonds used for calculating the yields the accuracy is very high up to 10 years maturity. For longer maturities the number of bonds available for calculation is smaller. Bilateral exchange rates are not revised. Effective exchange rates indices: Due to frequent updates of the basic data even historic data change frequently, ensuring accuracy over the time series. There is no standard methodology available. As a result effective exchange rate collections can vary between different compilers: DG ECFIN, ECB, IMF and others. Other indicators: Not applicable |
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13.2. Sampling error | |||
Not applicable. |
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13.3. Non-sampling error | |||
Not applicable. |
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14.1. Timeliness | |||
Interest rates:
Bilateral exchange rates against the ECU/euro: The exchange rates provided by the ECB are updated every business day and generally published within 2 days (t+2). For Albania, Serbia and North Macedonia the exchange rates are available within a week from the end of the month. Effective exchange rates indices: Depending on the availability of the basic data around 1 month after the reference period (t+1). |
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14.2. Punctuality | |||
Updates are usually implemented as scheduled for data with a calendar release. |
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15.1. Comparability - geographical | |||
Interest rates:
Bilateral exchange rates: Full comparability for most currencies. Effective exchange rates indices: Due to use of an index with base period, caution must be used for any geographical comparison. In terms of methodology, geographical comparability is reasonable. |
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15.2. Comparability - over time | |||
Euro yield curves: The data can be easily compared over time since 6 September 2004. Bilateral exchange rates: Full comparability for most of the time series. Effective exchange rates: Although the comparability over time of the data can be considered as very high, methodological changes occur and have a limited effect on the overall pattern of REER indicators. Each time these occur, recalculations under the new definitions are performed for the whole time series, safeguarding time series without break. Other indicators: Generally the data are fully comparable over time. Significant series breaks are flagged. |
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15.3. Coherence - cross domain | |||
Short-term interest rates: In Key indicators on EU policy - Short-term indicators - Monetary and financial indicators and in General statistics - European and national short term indicators - Monetary and financial indicators monthly averages of day-to-day and 3-month interest rates are available. Euro yield curves: Daily data are released on the euro yield curve pages of the Eurostat website each day. Bilateral exchange rates: Full comparability for all Eurostat domains as they use identical data sources. Effective exchange rates: The series should be coherent with the component data from other domains. However, there is no standard methodology for producing NEER and REER statistics. Other indicators: Generally the data should be fully coherent with the European Central Bank and national sources. |
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15.4. Coherence - internal | |||
Effective exchange rates: The series should be coherent with the component data. Other indicators: Not applicable. |
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Maastricht criterion interest rates: The data is calculated based on market data. Other indicators: Not applicable. |
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17.1. Data revision - policy | |||
Interest rates:
Bilateral exchange rates: Revisions do not take place. Discovered errors are extremely rare and would be corrected immediately. Effective exchange rates indices: Policy is to update the full series each quarter. Changes in methodology may occur, in particular the addition of new countries in the compilation process. |
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17.2. Data revision - practice | |||
Maastricht criterion interest rates: ata revisions may occur within the following month. Major changes in methodology are announced beforehand. Effective exchange rates: Data are not marked as provisional but are subject to revision. Revisions are frequent i.e. every quarter. Other indicators: Revisions are quite rare. Major changes in methodology are announced beforehand and are reflected in the metadata. |
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18.1. Source data | |||
Interest rates:
Bilateral exchange rates: Data are taken from the European system of central banks or other national central banks. Until 31 December 1998 these exchange rates refer to the ECU and the source was the European Commission. Effective exchange rates indices: The source for the effective exchange rate collection is DG ECFIN of the European Commission. Concerning component data, bilateral exchange rates for the current year are the official daily rates recorded at 14:15 hours by the ECB. Historical exchange rates are provided by the IFS (IMF) database. For the period before 1999, a weighted average of the currencies of the Member States now participating in the euro area is used as a proxy for the euro. Weights are derived using data on bilateral exports from the IMF DoT database and on domestic production from national accounts. |
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18.2. Frequency of data collection | |||
Series are all monthly, but the following series are based on daily data collection by the ECB: euro yields, long-term interest rate, exchange rates vs. euro. |
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18.3. Data collection | |||
Interest rates:
Bilateral exchange rates: File transmissions by the ECB and national central banks. Effective exchange rates: See methodology from DG ECFIN: https://economy-finance.ec.europa.eu/economic-research-and-databases/economic-databases/price-and-cost-competitiveness/what-price-and-cost-competitiveness-report_en#related-documents |
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18.4. Data validation | |||
Interest rates:
Bilateral exchange rates: The ECB, the Bundesbank and the national central banks perform all necessary checks. Effective exchange rates indices: The data validation is performed within the European Commission (DG ECFIN). |
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18.5. Data compilation | |||
Interest rates:
Bilateral exchange rates: Not applicable Effective exchange rates indices: The EU27 and EA20 aggregates are calculated by taking as weights each country’s share of extra-EU or extra-EMU trade. Double export weights are used to calculate NEER and REER, reflecting not only competition in the home markets of the various competitors, but also competition in export markets elsewhere. Note that the series for individual euro area countries continue beyond the establishment of the monetary union: their effective exchange rates will continue to vary because of differing trade patterns and cost or price trends. |
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18.6. Adjustment | |||
None of the series are seasonally adjusted. |
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Interest rates:
Bilateral exchange rates: In order to derive a continuous time series in a former national currency from the relevant series in ECU/euro, the data in euro should be converted at the fixed conversion rate for the period after the adoption of the euro. Effective exchange rates indices: None |
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ert_bil_eur_esms - Euro/ECU exchange rates ert_eff_esms - Effective exchange rate indices |
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Statistical treatment of Eurosystem's international reserves |
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