Compliance in Progress Summary

In 2003, the International Monetary Fund (IMF) published a Report on the Observance of Standards and Codes, in which it found the French data dissemination system to be remarkably transparent. France is a member of the IMF's Special Data Dissemination Standard (SDDS) and meets or exceeds all requirements for coverage, periodicity, and timeliness, although it does avail itself of the timeliness flexibility option for central government operations. According to the IMF's SDDS website, France generally complies with the SDDS requirements on access, integrity, and quality of data. France produces advance release calendars for all required datasets and simultaneous release of data is the rule. Summary methodologies are available for all datasets. There is, however, no information provided for dissemination of component detail and sound statistical frameworks that support cross-checks for data on interest rates and share price index. Facilitating transparency and public accessibility of data is part of the philosophy of both the principal statistical agency and the central bank. The IMF reported in 2009 that the National Institute for Statistics and Economic Studies website has undergone recent improvements. However, the IMF adds that balance-of-payments data remains less than reliable, containing large errors and omissions.

General Overview

The International Monetary Fund's (IMF) Special Data Dissemination Standard (SDDS) website discloses that France has been a subscriber to the SDDS since August 1996, and met SDDS specifications in April 2001. In 2003, the IMF published a full-scale Report on the Observance of Standards and Codes (ROSC) covering the French data dissemination system, and updates were issued in 2004 and 2005. The 2003 ROSC found that France employs internationally- and/or European accepted methodologies for the definitions, coverage, classification and sectorization, valuation, and basis of recording data. It further found French data to be remarkably accurate and reliable, comprehensive, and detailed. Public access to data is assured, in part, by the belief among French statistical authorities that official statistics constitute "a public good" (p. 4). The ROSC identified three primary data compilation and dissemination agencies in France: the National Institute for Statistics and Economic Studies (known by its French acronym, INSEE), the Bank of France (BdF), and the Ministry of Economy, Industry, and Employment (whose French acronym is MINEFE). The INSEE is responsible for data regarding the national accounts, production indices, labor market, price indices, general government operations (through the general government account), merchandise trade, and population. The BdF handles the analytical accounts of both the BdF and France's depository corporations, as well as balance-of-payment, international investment position, interest rate, and international reserves and foreign currency liquidity data. MINEFE is responsible for central government operations and debt data.

The 2003 ROSC had high praise for the French data dissemination regime, but nonetheless proposed a number of recommendations to improve the system. Several were aimed at further enhancing public access to data and to expand educational outreach to the public. These included the development of a statistical map that would facilitate navigation across France's decentralized data system. The ROSC also suggested that the authorities begin publishing revision studies; clarifying the fact of governmental prior access to some statistics; and improving coordination with the SDDS. The report recommended that the INSEE specify the status of its public statistics (preliminary versus final), more clearly identify its data source units, and offer greater methodology documentation online. The ROSC cautioned that INSEE needed greater technical resources, particularly for dealing with annual accounts, for more fully using stocks survey data, and for aligning the quarterly and annual accounts revision periods. Other recommendations were specific to particular datasets and subsets, and largely centered on improving the technological resources available, expanding the type and number of statistically related publications, and increasing the level of detail, e.g., on the revenue and expenditure tables for government finance statistics.

In the 2004 ROSC update, implementation had begun on a number of these recommendations: the publication of revision studies had begun, focusing on balance-of-payments, providing explanations for the revisions and on methodological changes and their consequences. The INSEE had begun more clearly identifying data revision status and the reasons for any revisions. Greater methodological documentation had been made available online and more technological resourcing was supplied to assist in the annual accounts system development. An online data collection system was implemented in 2004 to enhance data compilation for price indices. A secure online response website was created by the INSEE to facilitate data submission and validation in the area of price indices. While France had not yet created a website specifically devoted to government finance statistics, it had enhanced its presentation of national accounts data to include greater detail and more illustrative tables on expenditures by all levels of government. The 2005 update reported continued progress, including enhancements to national accounts and balance of payments compilation and dissemination practices and enhancements to data comprehensiveness. The report took special note that the INSEE intensified work on portfolio investment income with the objective of starting to record those transactions on an accrual basis on January 1, 2006. Both the 2004 and 2005 ROSC updates reported that France remained compliant with SDDS specifications, including the dissemination of advance release calendars and summary methodologies.

The Statistical Issues Annex to the IMF's 2009 Article IV Consultations report (Annex II) describes the French economic database as "comprehensive and of high quality" and adds that "data provision to the Fund is adequate for surveillance" (p. 7). The data available online from a variety of statistics providers has led to the creation of an Economic Data Sharing System through which easy access to all data is achieved. Monetary and banking system data is derived according to methodology which comports with that used by the European Central Bank. France's financial statistics comport with the European System of Integrated Economic Accounts, 1995. The 2009 report notes that "government finance statistics have been strengthened recently" (p. 7), attributing this improvement to a more comprehensive presentation of central and general government data, and the fact that the 2006 and 2007 data "reflect various impacts of recent budgetary reform" (p. 7). The report also praises recent enhancements to the INSEE website, which now "includes expenditure tables and government revenues by subsector" (p. 7). However, the IMF adds that balance-of-payments data is less reliable, containing large errors and omissions.

The Principles

FCComprehensive economic and financial data, disseminated on a timely basis.

In the IMF's 2003 ROSC data module, French official statistics were found to be "relevant, consistent, and available on a timely basis, with the required periodicity" (p. 4). The ROSC went on to note that French data were both comprehensive and highly detailed. The IMF's SDDS website discloses that France meets SDDS requirements for timeliness, periodicity, and coverage, although it does avail itself of the timeliness flexibility option for central government operations. In the 2008 Annual Report on Observance of the SDDS, available through the SDDS website, France was found to have met all coverage requirements for all data categories, and to have met or exceeded all periodicity requirements as well. France met or exceeded the timeliness requirements for nearly all datasets. Apart from the previously mentioned flexibility option, however, France failed in 2008 to meet timeliness requirements, as follows: it did not disseminate Fourth Quarter wages/earnings and external debt data, nor did it disseminate December's producer price index data. General government or public sector operations data were subject to a long delay, as were the official reserve assets data. The analytical accounts of the banking sector and reserves template were subject to short delays, and the analytical accounts of the central bank were subject to occasional short delays.

FCReady and equal access to official statistics.

The IMF's SDDS website discloses that France meets the standard's accessibility requirements, disseminates advance release calendars, and issues data simultaneously to all interested parties, primarily through the appropriate data agency's websites or press releases. The 2008 Annual Report on Observance of the SDDS notes that this performance standard was met for that year’s data, at least in terms of advance release calendars (ARCs), but notes that for a number of data categories, punctuality of data dissemination presented something of a problem. There was an early release of the forward-looking indicators. There was a short delay in the issuance of national accounts and balance of payments data. Occasional short delays typified the central government operations data. There were long delays between the ARC data and the dissemination of data for central government debt, general government or public sector operations, official reserve assets, analytical accounts of the banking sector, and the reserves template.

FCOfficial statistics must have the confidence of their users. Transparency of its practices and procedures is a key factor.

According to the IMF's SDDS website, the terms and conditions of collection, analysis, and dissemination are made publicly available for all datasets. In several data categories, certain government ministries have early access to data, ranging from hours to days ahead of general release. In addition, the European Central Bank has early access to BdF data, per requirements placed upon all European Union members. In most cases, preliminary data is identified (the exception is external debt data) and revisions are explained. Methodological changes are announced and explained in appropriate publications, although in several cases the changes are published at or after implementation, rather than in advance. When ministerial commentary accompanies data releases, it is identified. Data confidentiality is governed primarily by the Statistical Law, and additional provisions are contained in the Central Bank Law and the Data Processing and Privacy Protection Law No. 78/17 of 1978. The 2003 ROSC reported that "professionalism is central to the statistical operations of the two institutions (INSEE and BdF)" (p. 3), adding that transparency of policy and practice is integral to the agencies' mandates. INSEE employees must comply with the Civil Service Code of Ethics, and the BdF staff must comply with Staff Regulations and the bank's Code of Ethics. The data available online from a variety of statistics providers has led to the creation of an Economic Data Sharing System through which easy access to all data is achieved. Monetary and banking system data is derived according to methodology which comports with that used by the European Central Bank. France's financial statistics comport with the European System of Integrated Economic Accounts, 1995. The IMF's 2009 Article IV report notes that "government finance statistics have been strengthened recently" (p. 7), attributing this improvement to a more comprehensive presentation of central and general government data, and the fact that the 2006 and 2007 data "reflect various impacts of recent budgetary reform" (p. 7). The report also praises recent enhancements to the INSEE website, which now "includes expenditure tables and government revenues by subsector" (p. 7). However, the IMF adds that balance-of-payments data is less reliable, containing large errors and omissions.

CPA set of standards that deals with the coverage, periodicity and timeliness of data must also address the quality of statistics.

The IMF's SDDS website indicates that France observes the two SDDS requirements for this principle in the case of most data categories. There is, however, no information provided for dissemination of component detail and sound statistical frameworks that support cross-checks for data on interest rates and share price index. The IMF's 2003 data ROSC found French official statistics to be remarkably comprehensive and detailed. Data sources were described as extensive, and the conceptual and terminological frameworks employed were found to be consistent across sources. Statistical and methodological techniques were also found to be sound. The SDDS website discloses that both the BdF and the INSEE release methodological information in the form of notes accompanying the data, and the INSEE website shows that a variety of additional information is also available online. The 2004 ROSC update noted that several additional methodological documents had been made available since the publication of the original ROSC, including "the first part of the methodological document on quarterly national accounts [and] government finance statistics definitions" (p. 2).

The 2003 ROSC disclosed that both the INSEE and the BdF have clearly defined mandates for the statistical compilation, analysis, and reporting process. Adequate resources are dedicated to the task, and the authorities and statistics practitioners are well aware of the need for quality statistics. According to the ROSC: "The degree of accuracy and reliability of the six datasets [tracked by the SDDS] is remarkable in terms of both the comprehensiveness and detail provided" (p. 4). Data validation is enhanced by the consistency of concepts and terminology used across sources. Statistical and methodological techniques are sound. Intermediate data are thoroughly assessed and validated. France's membership in the EU requires that it participate in the European statistical system and be an active participant in developing that system. France employs the standards of the 1995 edition of the European Standard of Accounts in compiling its national accounts. The ROSC adds that "French statistical authorities also disseminate sub-aggregates and additional series that make possible cross-checks and checks of reasonableness for all data categories" (p. 8). The Statistical Issues Annex to the IMF's 2009 Article IV Consultations report describes the French economic database as "comprehensive and of high quality" and adds that "data provision to the Fund is adequate for surveillance" (p. 7). Monetary and banking system data is derived according to methodology which comports with that used by the European Central Bank. The IMF's 2009 Article IV report notes that "government finance statistics have been strengthened recently" (p. 7), attributing this improvement to a more comprehensive presentation of central and general government data, and the fact that the 2006 and 2007 data "reflect various impacts of recent budgetary reform" (p. 7). The report also praises recent enhancements to the INSEE website, which now "includes expenditure tables and government revenues by subsector" (p. 7). However, the IMF adds that balance-of-payments data is less reliable, containing large errors and omissions.
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