The International Monetary Fund (IMF), in its 2003 Report on the Observance of Standards and Codes, 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. However, it does not provide clear information on the SDDS website for a few data points with regards to some of the requirements. For example, France provides no information as to whether unemployment data are released simultaneously to interested parties. France does, however, produce summary methodologies and advance release calendars for all required datasets, and both data and methodologies are regularly updated. Facilitating transparency and public accessibility of data is part of the philosophy of both the principal statistical agency and the central bank.

General Overview

France has been a subscriber to the IMF SDDS since August 1996, and met SDDS specifications in April 2001. According to the IMF's 2006 Article IV Consultation report "France's economic database is comprehensive and of high quality, and data provision to the Fund is adequate for surveillance" (p. 48). The last full-scale IMF Report on the Observance of Standards and Codes (ROSC) regarding the French data dissemination system was published in 2003, with updates issued in 2004 and 2005. In broad terms, the 2003 ROSC found that France employs either international or European-accepted methodologies for the definitions, coverage, classification and sectorization, valuation, and basis of recording data; that French data is remarkable in the accuracy and reliability of its data, on the dimensions of both comprehensiveness and detail; that statistics are "relevant, consistent, and available on a timely basis with the required periodicity" (p. 4); and that there is good public access to data, due in part to the attitude of the primary data agencies that economic statistics of the sort required by the SDDS are "a public good" (p. 4). 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, and mention that France regularly updates both its metadata and summary methodologies on the SDDS website.

According to the 2003 ROSC, there are three primary data compilation and dissemination agencies in France: the National Institute for Statistics and Economic Studies (Institut National de la Statistique et des Etudes Economiques, or INSEE), the Bank of France (Banque de France, or BdF), and the Ministry of Economy, Industry and Employment (Ministère de l'Économie de l'Industrie et de l'Emploi, or 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.

Despite its highly positive evaluation of French data dissemination practices, the 2003 IMF ROSC proposed a number of recommendations that were aimed at enhancing the system even further. Several recommendations were designed to enhance user access and improve educational outreach to the public: providing a "statistical map" to facilitate navigation of the various statistics in the decentralized data system, 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 clearly identify the status of its public statistics (preliminary, final, etc.), more clearly identify its data source units, and offer greater methodology documentation online. It noted the need for providing greater technical resources to the INSEE, 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 around 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.

The 2004 ROSC data update noted that France had already begun implementing its recommended improvements such as 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 IMF ROSC update to the data module reported that France continued to progress in the implementation of IMF recommendations, on both the general and specific levels, with 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.

The Principles

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

FC

The IMF's SDDS website indicates that France meets SDDS requirements for timeliness, periodicity, and coverage of data, although it does avail itself of the timeliness flexibility option for central government operations. According to the 2003 IMF ROSC, "French statistics are relevant, consistent, and available on a timely basis with the required periodicity" (p. 4). The ROSC also noted that data were considered to be remarkably comprehensive and detailed.

Ready and equal access to official statistics.

CP

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. Nonetheless, France provides no information as to whether unemployment data are released simultaneously to interested parties on the IMF's SDDS website.

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

CP

The IMF SDDS website discloses that in all datasets, the terms and conditions of collection, analysis, and dissemination are made publicly available. 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. Usually, however, there is either no commentary attached or it is released separately. 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. The 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.

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

CP

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. According to the 2003 IMF ROSC, the data were considered to be remarkably comprehensive and detailed. Data sources are extensive and the conceptual and terminological frameworks employed are consistent across sources. Statistical and methodological techniques were found to be sound. 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 IMF ROSC discloses that both the INSEE and the BdF have clearly defined mandates for the statistical compilation, analysis, and reporting process. Resources dedicated to the task are adequate, and awareness of the need for quality statistics is established. The ROSC stated that "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).