Collection of statistical information by the European Central Bank

The European Parliament adopted by 521 votes to 110, with 35 abstentions, (following the consultation procedure), a legislative resolution on the draft Council regulation amending Regulation (EC) No 2533/98 concerning the collection of statistical information by the European Central Bank.

Parliament approved the draft contained in the European Central Bank's recommendation, subject to amendments.

Digital solutions

Given the potential that digitalisation presents, Members consider that that the ECB should further explore tools leveraging digitalisation to streamline data collection processes and alleviate the burden of tasks carried out by the ESCB and reporting agents. The ECB should continue to assess the opportunities and challenges brought by the use of the new digital technologies for the collection of statistical information and should make a new recommendation to amend this Regulation accordingly.

Taking into account economic and structural challenges

The ECB should continue to strengthen its statistical framework to take account of evolving economic and structural challenges, in line with its primary mandate of price stability, complemented by its secondary objectives of supporting general economic policies in the Union, including those related to environmental and sustainability considerations.

Artificial intelligence

The use of artificial intelligence carries specific risks related to transparency, bias, security, privacy, and accountability. Members called for any artificial intelligence system deployed by the ECB or national central banks in the performance of their statistical tasks to be used in a responsible, transparent and secure manner, ensuring appropriate human oversight and full accountability, consistent with the Union’s legal framework and with the independence of the ECB.

Privacy policy

When ESCB members grant access to confidential statistical information in the cases referred to in the regulation, the natural person or legal entity receiving access should use those data only for the purpose consented to by ESCB members and, if applicable, by the reporting agent or other legal or natural person, entity or branch, which can be identified. If the natural person or legal entity receiving access to these data can store them, such storage shall be secured to avoid any breach of confidentiality. Storage should not exceed 3 years;

Confidential statistical information must be used exclusively for the purpose consented to by the ESCB member sharing the information and, if applicable, by the reporting agent or other legal or natural person, entity or branch, which can be identified by the confidential statistical information.

To foster independent research and scrutiny, the ECB and the national central banks should make confidential statistical information from the main ESCB datasets available to accredited researchers whenever such access can be provided without risk of disclosure.

Sanctions

Parliament suggested that the ECB update the fines every five years based on the euro area inflation rate.