Regulation 2009/479 - Application of the Protocol on the excessive deficit procedure annexed to the Treaty establishing the EC (Codified version) - Main contents
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official title
Council Regulation (EC) No 479/2009 of 25 May 2009 on the application of the Protocol on the excessive deficit procedure annexed to the Treaty establishing the European Community (Codified version)| Legal instrument | Regulation |
|---|---|
| Number legal act | Regulation 2009/479 |
| Original proposal | COM(2008)73  |
| CELEX number i | 32009R0479 |
| Document | 25-05-2009 |
|---|---|
| Publication in Official Journal | 10-06-2009; Special edition in Croatian: Chapter 10 Volume 001,OJ L 145, 10.6.2009 |
| Effect | 30-06-2009; Entry into force Date pub. + 20 See Art 18 |
| End of validity | 31-12-9999 |
10.6.2009 |
EN |
Official Journal of the European Union |
L 145/1 |
COUNCIL REGULATION (EC) No 479/2009
of 25 May 2009
on the application of the Protocol on the excessive deficit procedure annexed to the Treaty establishing the European Community
(Codified version)
THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty establishing the European Community, and in particular the third subparagraph of Article 104(14) thereof,
Having regard to the proposal from the Commission,
Having regard to the Opinion of the European Parliament (1),
Having regard to the opinion of the European Central Bank (2),
Whereas:
(1) |
Council Regulation (EC) No 3605/93 of 22 November 1993 on the application of the Protocol on the excessive deficit procedure annexed to the Treaty establishing the European Community (3) has been substantially amended several times (4). In the interests of clarity and rationality the said Regulation should be codified. |
(2) |
The definitions of ‘government’, ‘deficit’ and ‘investment’ are laid down in the Protocol on the excessive deficit procedure by reference to the European System of Integrated Economic Accounts (ESA), replaced by the European system of national and regional accounts in the Community (adopted by Council Regulation (EC) No 2223/96 of 25 June 1996 on the European system of national and regional accounts in the Community and hereinafter referred to as ‘ESA 95’) (5). Precise definitions referring to the classification codes of ESA 95 are required. Those definitions may be subject to revision in the context of the necessary harmonisation of national statistics or for other reasons. Any revision of ESA will be decided by the Council in accordance with the rules on competence and procedure laid down in the Treaty. |
(3) |
Under ESA 95, interest flows under swap contracts and forward rate agreements (FRAs) are to be classified in the financial account and require specific treatment for the data transmitted under the excessive deficit procedure. |
(4) |
The definition of ‘debt’ laid down in the Protocol on the excessive deficit procedure needs to be amplified by a reference to the classification codes of ESA 95. |
(5) |
In the case of financial derivatives, as defined in ESA 95, there is no nominal value identical to that for other debt instruments. Therefore, it is necessary that financial derivatives are not included with the liabilities making up government debt for the purposes of the Protocol on the excessive deficit procedure. For liabilities which are subject to agreements fixing the exchange rate, this rate should be taken into account in the conversion into national currency. |
(6) |
ESA 95 provides a detailed definition of gross domestic product at current market prices, which is appropriate for the calculation of the ratios of government deficit to gross domestic product and of government debt to gross domestic product referred to in Article 104 of the Treaty. |
(7) |
Consolidated government interest expenditure is an important indicator for monitoring the budgetary situation in the Member States. Interest expenditure is intrinsically linked to government debt. Government debt to be reported to the Commission by the Member States has to be consolidated within the government sector. The levels of government debt and of interest expenditure should be made mutually consistent. The methodology of ESA 95 (point 1.58) recognises that, for certain kinds of analysis, consolidated aggregates are more significant than overall gross figures. |
(8) |
Pursuant to the terms of the Protocol on the excessive deficit procedure, the Commission is required to provide the statistical data to be used in that procedure. |
(9) |
The role of the Commission, as statistical authority, in that... |
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