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Topic Finance


Affiliated with European Central Bank, Germany

Henning Ahnert

Following his studies of Economics, Henning Ahnert joined the Deutsche Bundesbank and worked for 5 years on German economic statistics, in particular seasonal adjustment. He then joined in 1995 the European Monetary Institute and contributed to the development of the statistics necessary for the launch of the Euro single currency in 1999 in the euro area countries. Since then he has been working in several domains of European Central Bank statistics, and is currently Head of Section for Financial Accounts and Fiscal Statistics of the Directorate General Statistics.

Pierre Sola

Following studies in business administration and accounting, Pierre Sola worked a few years as an accounting auditor, and subsequently joined the Banque de France, where he worked for 3 years. He then joined in 1998 the Directorate General Statistics of the European Central Bank. He worked on Euro Area Balance of Payments statistics, as well as the development of Securities Holding Statistics. He is currently Adviser in the team in charge of compiling and developing euro area financial Accounts.

Maciej Anacki

Following studies in computer science and econometrics, Maciej Anacki joined Narodowy Bank Polski and worked for ten years on external statistics, contributing to the changeover to a system based on direct reporting and BPM6-compliant. He joined in 2013 the Directorate General Statistics of the European Central Bank and contributed to the development of securities statistics. He is an alumnus of the NOVA University of Lisbon Postgraduate Programme in Statistical Systems with a specialisation in Central Banks’ Statistics. He is currently Lead Expert in the team in charge of compiling and developing euro area financial accounts.

Andreas Hertkorn

Following studies in economics, Andreas Hertkorn joined the Deutsche Bundesbank and worked for six years in the economics department contributing to business cycle analysis and the changeover of the financial accounts to the European Standard (then ESA 1995) quarterly financial accounts, and its integration with the non-financial accounts by institutional sector. During his work at the European Central Bank he spent In 2009 six months at the Central Bank of Malta contributing to developing the quarterly financial accounts compilation system.  He is a Principal Economist-Statistician working in particular on other financial institutions, insurance corporation and pension funds.

Course description

The course consists of several short sessions explaining the concepts, compilation and uses of the macroeconomic financial accounts which are part of the System of National Accounts 2008 (and its European equivalent the ESA 2010). The sessions will introduce the main steps of selecting and confronting data sources and of balancing the accounts. One session will be dedicated to the concept of the “who-to-whom”  presentation, which is one of the priorities under the G-20 Data Gaps Initiative. Finally, examples of uses of financial accounts by central banks and economic policy makers, as well as some challenges for the future will be shown.

Target audience

Statisticians in central banks and statistical authorities. Researchers, economists and other users interested in an overview of financial accounts, its main features and uses.


  1. Overview: Financial accounts and Integrated accounts
  2. Core concepts of the SNA08/ESA 2010
    1. Units, sectors and instruments
    2. Flows, transactions and balance sheets
  3. Selection and combination of data sources
  4. Balancing and integration
  5. Interconnectedness: compiling “From who-to-whom”
  6. Results and uses

Required software

  • Individual access to Mentimeter software (either via the free App or via a web browser: www.menti.com).
  • Microsoft Excel.