the implementation of the sdmx standards by the ecb and the european system of central banks werner...
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![Page 1: The implementation of the SDMX standards by the ECB and the European System of Central Banks Werner Bier (ECB) Gérard Salou (ECB) Sami Airo (Bank of Finland)](https://reader036.vdocuments.net/reader036/viewer/2022062321/56649e155503460f94afebfb/html5/thumbnails/1.jpg)
The implementation of the SDMX standards by the ECB and
the European System of Central Banks
Werner Bier (ECB)
Gérard Salou (ECB)
Sami Airo (Bank of Finland)
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• The SDMX data model and the ESCB systems
• ESCB/Eurosystem implementations of the SDMX standards in:
– data structures (compliant with the SDMX information model)
– data and metadata exchanges using SDMX-EDI (GESMES/TS)
– web dissemination
• interface to the statistical data warehouse
• euro reference exchange rates
• euro area aggregates and national breakdowns; example: the Bank of Finland implementation
• Costs and benefits
• Way ahead; conclusions
Presentation structure
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The SDMX data model (and star schema):
AFREQUENCY
REF_AREA DE ADJUSTMENT N
TRANSACTION B101
ASSET Z
SECTOR 0
CP_SECTOR 0
USE_RES 2
DENOM N
SUFFIX 08
Observation 34955
TIME PERIOD 2005
the model is used in all layers of the ECB systems
…and associated attributes, e.g.• observation status, etc.& «higher level» attributes, e.g.• units• methodological info, etc
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Use of (SDMX-based) data structures
• In the exchange, storage and dissemination of all data and associated metadata
• In the internal system and the communication with partner institutions and the general public (SDMX-ML based extractions from the web site)
• Covering most domains of economic statistics (e.g. monetary and financial statistics, balance of payments, price indices, short-term statistics, real sector, government finance statistics, securities, etc.)
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SDMX-EDI (GESMES/TS) used in all data file-based data exchanges
27 EU central banks
ECB
EUROSTAT BIS
7 EU NSIs
IMF
ESCB
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full support of extractions in SDMX-ML format
The ECB statistical data warehouse on the web
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Euro reference exchange rates
Extractions into SDMX-ML format
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Euro area aggregates and national breakdowns
ECB web site contents ● SDMX-ML ● mirrored NCB sources
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Example: the ECB web page
Extractions into SDMX-ML format
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The mirroredBank of Finland implementation
Euro area aggregates and national breakdowns
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Example: the Bank of Finland (BoF) web page
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How does this work?
XSLLayoutof BoF
website
ECB database
XML Data
from ECB
database
SDMX v1
XSLLayoutof ECB
website
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BoF
OECD BIS
Statistics Finland
IMF
ECB
EUROSTAT ETLA
SDMX-EDI data exchanges at BoF
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• The ESCB statistics sites appear as a co-ordinated
network with an entry point in all national central
banks (NCBs)
• Users do not have to leave the NCB web site to
consult ESCB data
• Look and feel of NCB web site can be applied
• Data is available in all Eurosystem national
languages
• Translation into national language is done by XSL
file and key family metadata
Achievements
Euro area aggregates and national breakdowns
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Costs:
• Initial investment in tools and expertise (small if there is already a proper database infrastructure);
• Maintenance (negligible, as compared with less automated
means and tools)
SDMX implementations: costs and benefits
• structural metadata maintenance;
• technical maintenance
Benefits:
• Automation; efficiency; resources can be shifted to more important activities
• Minimum problem solving;
• Statistical harmonisation
• Common “language” and easy data sharing with others
• Flexibility; very fast and easy adaptation to other domains
• Rich metadata coverage
• Easy response to new requirements
• Great service to researchers; and to other domestic, European and other continents’ institutions
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SDMX implementations: costs and benefitsRough estimates
• SDMX implementations in bulk data exchange -
estimated savings: (at least) 120 FTE per year;
also, lifespan of initial investment has been spectacular! The need for (very tiny only) changes in the basic technical infrastructure (write/read/load applications) has been negligible.
• SDMX benefits from the web dissemination:
so far, mainly to the ECB/NCBs profile and credibility, benefits to the general public and other institutions;
drastically reduced costs by not needing anymore “to send” data to institutions with which there are special agreements;
benefits become even more significant (also for home and third parties’ users) as more and more institutions implement
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• More SDMX implementations across the globe
• Reducing costs of data sharing to a minimum
• The ECB already offers euro area data in SDMX-ML (easily downloadable by other institutions’ applications)
• ECB users keen to benefit from the implementations of other continents’ institutions
A world-wide implementation: way ahead
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Questions?
Further information on the ECB statistics and SDMX:
http://www.ecb.int/stats/html/index.en.htmland then: “Data services”
e-mail: [email protected] (ECB)
[email protected] (Bank of Finland)
Thank you!