The CMFB's purpose
The Committee on Monetary, Financial and Balance of Payments Statistics (CMFB) was established by a Council Decision in 1991 (91/115/EEC) to assist the European Commission in drawing up and implementing work programmes concerning monetary, financial and balance of payments statistics, and to offer opinions on these areas of statistics and on their links with other areas of economic statistics, in particular national accounts. The original Council Decision has been amended (96/174/EC) to reflect changes since 1991. (See also the dedicated sections on legislation and rules of procedure.)
The primary role of CMFB is to advise the European Commission on key issues on monetary, financial and balance of payments statistics and to maintain close links with both the European Commission and the European Central Bank, in liaison with the European Statistical System Committee and the ESCB Statistics Committee. The CMFB is an independent committee with advisory functions; it has no legislative powers. The Committee shall co-operate in statistical matters between the Commission (Eurostat) and the European Central Bank (DG Statistics), taking due account of the Memorandum of Understanding signed by both institutions and maintaining close links with each, in liaison with the European Statistical System Committee and the ESCB Statistics Committee.
Council Regulation (EC) 479/2009 repealing the subsequently amended Regulation (EC) 3605/93 makes statutory provisions for the CMFB's role in relation to Excessive Deficit Procedure (EDP) matters. (See also 'Government finance and EDP statistics' under 'Main topics'.)
- The format of the questionnaires shall be defined by the Commission (Eurostat) after consultation of the Committee on Monetary, Financial and Balance of Payments Statistics (hereinafter referred to as CMFB).
- The inventories shall be prepared in accordance with guidelines adopted by the Commission (Eurostat) after consultation of the CMFB.
- In the event of a doubt regarding the correct implementation of the ESA 95 [today: ESA 2010] accounting rules, the Member State concerned shall request clarification from the Commission (Eurostat). The Commission (Eurostat) shall promptly examine the issue and communicate its clarification to the Member State concerned and, when appropriate, to the CMFB.
- For cases which are either complex or of general interest in the view of the Commission or the Member State concerned, the Commission (Eurostat) shall take a decision after consultation of the CMFB. The Commission (Eurostat) shall make decisions public, together with the opinion of the CMFB, without prejudice to the provisions relating to statistical confidentiality of Regulation (EC) No 322/97.
The Memorandum of Understanding on the cooperation between the European Statistical System and Members of the European System of Central Banks (link) established the European Statistical Forum to enhance the co-operatìon at strategic level between the ESS and the ESCB. Transversal or cross-cutting issues will be implemented by the CMFB, i.e. the operational platform.