Explanatory Memorandum to COM(2001)100 - Quarterly non-financial accounts for general government - Main contents
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This page contains a limited version of this dossier in the EU Monitor.
| dossier | COM(2001)100 - Quarterly non-financial accounts for general government. |
|---|---|
| source | COM(2001)100  |
| date | 21-02-2001 |
The report of the Monetary Committee (EFC) on statistical requirements in EMU, endorsed by the Ecofin Council of 18 January 1999, stressed the need, among other things, for common and harmonised short-term public finance statistics for Member States.
In this respect, priority was given to components readily available or which could be quickly made available at national level: after discussion in the relevant working parties and approval by the Statistical Programme Committee, the Commission adopted the Regulation with respect to short-term public finance statistics i. The Commission Regulation requires the transmission of quarterly data for the main components of general government revenue and for social benefits other than social transfers in kind, within three months from the end of the quarter they relate to, starting from June 2000.
In April 2000, the second EFC progress report on implementation of statistical requirements acknowledged work done under this so-called first step and provided the following recommendations: 'Member States should complete this first step and work towards establishing simplified quarterly non-financial accounts for general government within three months after the period concerned.... The ultimate objective of simplified quarterly national accounts data is expected to be achieved by the year 2005 for all countries.....In the interim period 2002-2005, Member States will provide to the Commission (Eurostat) expenditure and receipts data for the general government sector on a best estimate basis, in particular for the compilation of euro area aggregates.'
In addition, the Regulation proposed is referred to in the 'Action Plan on EMU Statistical Requirements' which was endorsed by the Ecofin Council of 29 September 2000: the Regulation is included in the list of modifications to existing Regulations to be submitted by the Commission to the Council by early 2001.
The Regulation was then prepared in the framework of the provisions recalled above.
It was discussed by the working parties on Short-Term Public Finance Statistics, on National Accounts and on Financial Accounts.
2. Content of the proposal for a Regulation
The aim of the Regulation is to specify:
-the content of the quarterly non-financial accounts for general government,
-the list and main characteristics of the ESA 95 categories to be transmitted.
These are summarised below.
The content of these quarterly non-financial accounts is defined by reference to the list of ESA 95 non-financial transactions which constitute the components of general government expenditure and revenue i.
ESA 95 categories to be transmitted under the Regulation are those of the components of government expenditure and revenue which are not covered by the Commission Regulation (EC) N° 264/2000 of 3 February 2000 with respect to short-term public finance statistics.
The Regulation requires the transmission of quarterly data within 3 months after the end of the quarter concerned.
The first transmission should start on 30 June 2002 for all Member States. During a transitional period - from 30 June 2002 to 30 March 2005 inclusive - the 'best quarterly estimates' are allowed. From 30 June 2005 onwards, quarterly data should be fully in line with ESA 95 (the 'best estimates' are no longer allowed).
The first transmission of 30 June 2002 should relate to quarterly data - 'best estimates' are possible - from the first quarter of 1999 to the first quarter of 2002.
Derogations for some countries regarding the starting date of 30 June are envisaged. The derogation should not exceed one year. For countries with a derogation, the starting date for the transmission should not be later than 30 June 2003: quarterly data should then relate to the period of 1999 to the first quarter of 2003.