National Statistics Online - Articles - Experimental monthly balance of payments
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Experimental monthly balance of payments
Updates progress made, and highlights areas where the UK has enhanced, or plans to enhance, its delivery systems to meet continuing European Central Bank requirements.
In the December 1999 issue of Economic Trends, The Office for National Statistics published an article outlining the progress made in developing a system to provide monthly balance of payments to the European Central Bank (ECB) for the purposes of monetary policy and foreign exchange operations in the Euro area. The UK has provided estimates of monthly key items (MKIs) since December 1999, as part of its preparations for possible future membership of Economic and Monetary Union (EMU).
The UK aims to produce these monthly estimates without increasing burdens on business. Therefore, to avoid additional inquiries, the strategy has been to use monthly data where available and to develop modelling and forecasting solutions where no such data exist.
This article updates progress made since December 1999 and highlights areas where the UK has enhanced, or is planning to enhance, its delivery systems to meet continuing ECB requirements. It coincides with the Experimental Monthly Balance of Payments Key Items dataset, which is sent to the ECB, becoming available on the National Statistics web site, within Experimental Statistics.
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