PURPOSE: to create common statistical standards to enable the production of harmonised national accounts data.

LEGISLATIVE ACT: Regulation (EC) N° 1392/2007 of the European Parliament and of the Council amending Council Regulation (EC) N° 2223/96 with respect to the transmission of national accounts data.

CONTENT: the new Regulation – adopted in first reading by the Council, after negotiations with the European Parliament – updates the programme for the transmission of national accounts data by taking into account the fundamental policy and statistical changes that have taken place in certain Member States during the reference periods of the programme.

In addition, it takes into account changes in users’ requirements, as well as new political priorities and the development of new economic activities within the European Union.

In accordance with the European Parliament’s wishes, the Regulation stresses that a solid statistical basis for the composition of public budgets is of capital importance to undertake the economic reforms in line with the Lisbon strategy, and the transmission of data concerning health, education and social protection would be useful in its realisation. The communication of these data will therefore become compulsory following a transition phase on a voluntary basis.

ENTRY INTO FORCE: 30/12/2007.

The European Parliament adopted a resolution drafted by José Manuel García-Margallo y Marfil (EPP-ED, ES) on the proposal regarding the amendment of Council Regulation (EC) No 2223/96 with respect to the transmission of national accounts data. The amendments relate to the fact that the Commission proposal only includes derogations for the new Member States (except Cyprus and Malta) and Germany, from which data were not requested for before 1995 and 1991 (the Federal Republic of Germany before unification), respectively. The amendments put forward a list of exceptions for various macro-economic sizes and periods extended to the rest of the Member States, which are justified to give the national statistical Institutes time to adjust to the new rules and conditions. A new recital states that the statistical basis for the composition of public budgets is crucial for economic reform in line with the Lisbon strategy and the transmission of health, education and social protection data would help in its achievement. The provision of such information should become mandatory after a phase of provision under a voluntary basis.

This opinion from the European Central Bank (ECB) deals with a request from the Council for an opinion on the proposal on the transmission of national accounts data. The ECB makes both general and specific comments on the proposal.

In general, the ECB states that attaches the highest priority to quarterly national accounts statistics and welcomes the amended programme's proposals for the provision of these data. A consistent national accounts data set is also of high priority as it is needed for a comprehensive analysis of productivity changes. In this context and beyond, more detailed breakdowns are needed for annual data than for quarterly data. The ECB considers the more detailed breakdowns of economic activities and institutional sectors in the proposed regulation as an important improvement. The ECB also appreciates that the proposed regulation gives priority to the provision by the Member States of timely national accounts data for the more recent periods. The ECB would invite the Commission (Eurostat) and the Member States to ensure the provision of mutually consistent data in the transmission programme's requested tables and to establish and implement a coordinated release and revision policy. In the ECB's view, this also concerns the exact timing of major statistical revisions to national accounts, which may be related to significant methodological changes.

The ECB makes certain specific comments on the proposal regarding the detailed breakdown of data, and the transmission deadlines, and recommends some changes.

PURPOSE : to amend Council Regulation 2223/96/EC with respect to the transmission of national accounts data (the ESA95 Regulation).

PROPOSED ACT : Regulation of the European Parliament and of the Council.

CONTENT : the current transmission programme of national accounts data was defined ten years ago in Annex B of Regulation 2223/96/EC (the ESA95 Regulation). Since then, the economic environment has changed substantially. As a consequence, policy priorities have altered and new user needs have emerged. There is a strong case now for a revision of the transmission programme to adapt it to the requirements and challenges of the coming years.

To recall, national accounts data are used for a number of policies, notably the Lisbon agenda and monetary policy, and for short-term economic analysis. Sound and pertinent national accounts data describing the economic environment are a necessary element to correctly assess and set up economic and monetary policies and related analyses. The transmission programme of national accounts data, whilst modified in some parts by recent legislation, needs to be revised to match users' needs and adequately describe the economic behaviour. This is the aim of this proposal.

The proposal for the revised programme is the result of an intensive discussion at technical level and aims at striking a balance between new user needs and the constraints set to producers. In particular, two issues are addressed:

- the information requirements for the Economic and Monetary Union (EMU), notably the need for timely and pertinent sub-annual data;

- statistics for structural and macro-economic policy assessments.

The 2004 Economic and Financial Committee (EFC) Status Report on Information Requirements in EMU confirmed this orientation. The proposed Regulation aims at replacing Annex B of the ESA95 regulation which covers the vast majority of the tables making up the transmission programme.

However, some tables and data will continue to be governed by separate regulations. This concerns quarterly financial and non-financial accounts for general government, quarterly government debt and quarterly sector accounts. Failure to supply the national accounts data needed, notably for monetary policy and the Lisbon agenda, will weaken the statistical basis for economic and monetary decision making.

Lastly, the proposal for the revised programme does not represent a consolidated legal act which aims at integrating all existing legal acts relating to the transmission of data under ESA95.

PURPOSE : to amend Council Regulation 2223/96/EC with respect to the transmission of national accounts data (the ESA95 Regulation).

PROPOSED ACT : Regulation of the European Parliament and of the Council.

CONTENT : the current transmission programme of national accounts data was defined ten years ago in Annex B of Regulation 2223/96/EC (the ESA95 Regulation). Since then, the economic environment has changed substantially. As a consequence, policy priorities have altered and new user needs have emerged. There is a strong case now for a revision of the transmission programme to adapt it to the requirements and challenges of the coming years.

To recall, national accounts data are used for a number of policies, notably the Lisbon agenda and monetary policy, and for short-term economic analysis. Sound and pertinent national accounts data describing the economic environment are a necessary element to correctly assess and set up economic and monetary policies and related analyses. The transmission programme of national accounts data, whilst modified in some parts by recent legislation, needs to be revised to match users' needs and adequately describe the economic behaviour. This is the aim of this proposal.

The proposal for the revised programme is the result of an intensive discussion at technical level and aims at striking a balance between new user needs and the constraints set to producers. In particular, two issues are addressed:

- the information requirements for the Economic and Monetary Union (EMU), notably the need for timely and pertinent sub-annual data;

- statistics for structural and macro-economic policy assessments.

The 2004 Economic and Financial Committee (EFC) Status Report on Information Requirements in EMU confirmed this orientation. The proposed Regulation aims at replacing Annex B of the ESA95 regulation which covers the vast majority of the tables making up the transmission programme.

However, some tables and data will continue to be governed by separate regulations. This concerns quarterly financial and non-financial accounts for general government, quarterly government debt and quarterly sector accounts. Failure to supply the national accounts data needed, notably for monetary policy and the Lisbon agenda, will weaken the statistical basis for economic and monetary decision making.

Lastly, the proposal for the revised programme does not represent a consolidated legal act which aims at integrating all existing legal acts relating to the transmission of data under ESA95.