Council Regulation (EC) No 1222/2004 of 28 June 2004 concerning the compilation and transmission of data on the quarterly government debt

• Coming into Force: 22 July 2004
• End of Effective Date: 31 December 9999
• ELI: http://data.europa.eu/eli/reg/2004/1222/oj
• Published date: 02 July 2004
• Date: 28 June 2004
• Official Gazette Publication: Diario Oficial de la Unión Europea, L 233, 02 de julio de 2004,Journal officiel de l’Union européenne, L 233, 02 juillet 2004,Gazzetta ufficiale dell’Unione europea, L 233, 02 luglio 2004

2.7.2004 EN Official Journal of the European Union L 233/1

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COUNCIL REGULATION (EC) No 1222/2004

of 28 June 2004

concerning the compilation and transmission of data on the quarterly government debt

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) contains the definition of government debt outstanding at the end of the year that is relevant for the purpose of the excessive deficit procedure and lays down a timetable for the reporting to the Commission of annual government debt and of other annual government data.

(2) The availability of government data, including government debt data, with a quarterly frequency is of the utmost importance for the economic analysis and proper monitoring of the budgetary situation in the Member States. Commission Regulation (EC) No 264/2000 of 3 February 2000 on the implementation of Council Regulation (EC) No 2223/96 with respect to short-term public finance statistics (4), Regulation (EC) No 1221/2002 of the European Parliament and of the Council of 10 June 2002 on quarterly non-financial accounts for general government (5) and Regulation (EC) No 501/2004 of the European Parliament and of the Council of 10 March 2004 on quarterly financial accounts for general government (6) cover the compilation and transmission of quarterly data on government non-financial and financial accounts, but do not extend to quarterly government debt.

(3) For the sake of clarity, and given the specific role of Regulation (EC) No 3605/93 in the implementation of the excessive deficit procedure, the compilation and transmission of quarterly government debt data should be governed by an autonomous legal act.

(4) Quarterly government debt should be defined in a way that ensures consistency with the definition of government debt outstanding at the end of the year, of Regulation (EC) No 3605/93. This consistency should be maintained in the event that the Council amends Regulation (EC) No 3605/93 or the Commission introduces new references to the European system of accounts (ESA 95) set up by Council Regulation (EC) No 2223/96 of 25 June 1996 on the European system of national and regional accounts in the European Community (7) into Regulation (EC) No 3605/93.

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