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Experimental monthly balance of payments
Monthly balance of payments statistics are required by the European Central Bank (ECB) for the purposes of monetary policy and foreign exchange operations within the euro area.
Monthly balance of payments statistics are required by the European Central Bank (ECB) for the purposes of monetary policy and foreign exchange operations within the euro area. The aim of the monthly balance of payments statistics is to form a good picture of developments in the most important and variable items (Monthly Key Items (MKIs)) and quickly enough to be of use for the analysis of flows affecting monetary and foreign exchange conditions of the euro area.
Whilst not a member, the UK has decided to provide balance of payments MKIs to the ECB as part of the Government’s wider preparations agenda. Under the terms of the Treaty and related instruments adopted by the ECB, if the UK were to join the third stage of Economic and Monetary Union (EMU), legal responsibility to provide the ECB with MKIs would rest with the Bank of England. However, it is the ONS, as the competent authority to produce official balance of payments statistics, that is responsible for production of the MKI estimates and for managing the formal Monthly Balance of Payments Programme. The MKI estimates are being produced on a best endeavour basis within existing data resources.
By releasing details of the Monthly Balance of Payments Programme and experimental MKI data into the public domain, the ONS is able to commence delivery to the ECB. In doing so the ONS can broaden the scope of consultation with the ECB to focus on methodology and, in particular, the quality assessment of the MKIs.
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