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European Union system of national and regional accounts

European Union system of national and regional accounts

This is a regulation setting up a European Union (EU) system of national and regional accounts for the methodology and transmission of statistical data to Eurostat, the Commission's statistical arm.

ACT

Regulation (EU) No 549/2013 of the European Parliament and of the Council of 21 May 2013 on the European system of national and regional accounts in the European Union.

SUMMARY

The regulation sets up the European System of Accounts 2010 (ESA 2010).

ESA 2010 sets out a methodology (Annex A) on common standards, definitions, classifications and accounting rules that must be used for compiling accounts and tables in a comparable way for the purposes of the EU.

It also set out a programme (Annex B) with deadlines by when EU countries have to send Eurostat these accounts and tables.

The data will be used for the coordination of economic policymaking between EU countries and the coordination of fiscal policies (especially through ratios of government debt and deficit), which are part of the EU's economic and monetary union (EMU), which in turn underpins the euro.

The reasons for the accounting system include the following:

  • policymaking in the Union and monitoring of the economies of EU countries and of the economic and monetary union (EMU) require comparable, up-to-date and reliable information on the structure of the economy and the development of the economic situation of each EU country or region;
  • the Commission plays a part in monitoring the economies of EU countries and of the EMU and reports regularly to the Council on the progress made by EU countries in fulfilling their obligations relating to the EMU;
  • EU citizens need economic accounts as a basic tool for analysing the economic situation of an EU country or region;
  • the Commission can use aggregates of national and regional accounts for EU administrative purposes and, in particular, budgetary calculations.

Transmission of data to the Commission

EU countries have to send to the Commission (to Eurostat) particular accounts and tables set out in Annex B by specific deadlines. The ESA 2010 accounting system will be applied for the first time to data as from September 2014.

Quality assessment

EU countries have to provide the Commission (Eurostat) with a report on the quality of the data to be sent. The Commission (Eurostat) will then assess the quality of the data sent.

REFERENCES

Act

Entry into force

Deadline for transposition in the Member States

Official Journal

Regulation (EU) No 549/2013

16.7.2013

-

OJ L 174 of 26.6.2013

last update 22.04.2014

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