|
Contents: |
Excessive deficit
procedure statistics The Maastricht Treaty signed in 1992 forewaw the creation of the euro. It organised the way that multilateral fiscal surveillance would be conducted within the European Union. The provisions regarding the EDP are currently defined in the 2012 consolidated version of the Treaty on the Functioning of the European Union (TFEU). The Council Regulation (EC) No 479/2009, as amended by teh Council Regulation (EU) No 679/2010 and teh Commission Regulation (EU) No 220/2014, requires that EU Member States report EDP-related data to Eurostat twice a year, at the end of March and at the end of September. The data are reported in harmonised tables ‒ EDP Notification Tables. These tables are designed specifically to provide a consistent framweork, with a link to national budgetary aggregates, and between the government net lending/net borrowing and changes in government debt. The EDP data should be fully consistent with the GFS data obtained through the ESA 2010 Transmission Programme. Reference values for the calculation of government deficit and debt are based on concepts defined in the European System of Accounts (ESA 2010). The government deficit (surplus) means the net borrowing/net lending (EDP 8.9) of the government sector (S.13) defined in ESA 2010 as a difference between total revenue and total expenditure. The government general debt represents a gross nominal value of the debt at the end of a year. The debt refers to units classified into the general government sector (S.13) according to the sector classification and consists of the following financial instruments: currency and deposits (AF.2), debt securities (AF.3) and loans (AF.4), as defined in the ESA 2010 and in the Manual on Government Deficit and Debt. |