Decision 1998/715 - 98/715/EC: Commission Decision of 30 November 1998 clarifying Annex a to Council Regulation (EC) No 2223/96 on the European system of national and regional accounts in the EC as concerns the principles for measuring prices and volumes (notified under document number C(1998) 3685) - Main contents

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98/715/EC: Commission Decision of 30 November 1998 clarifying Annex a to Council Regulation (EC) No 2223/96 on the European system of national and regional accounts in the Community as concerns the principles for measuring prices and volumes (notified under document number C(1998) 3685) (Text with EEA relevance)

Official Journal L 340 , 16/12/1998 P. 0033 - 0049

COMMISSION DECISION of 30 November 1998 clarifying Annex A to Council Regulation (EC) No 2223/96 on the European system of national and regional accounts in the Community as concerns the principles for measuring prices and volumes (notified under document number C(1998) 3685) (Text with EEA relevance) (98/715/EC)

THE COMMISSION OF THE EUROPEAN COMMUNITIES,

Having regard to the Treaty establishing the European Community,

Having regard to Council Regulation (EC) No 2223/96 of 25 June 1996 on the European system of national and regional accounts in the Community (1), as amended by Regulation (EC) No 448/98 (2), and in particular Article 2(2) thereof,

• (1) 

  Whereas it is necessary to improve the comparability between the Member States in the data for changes in real gross domestic product (GDP), both with a view to the application of Article 2 of Council Regulation (EC) No 1467/97 of 7 July 1997 on speeding up and clarifying the implementation of the excessive deficit procedure (3) and the resolution of the European Council on the Stability and Growth Pact (Amsterdam, 17 June 1997) (4) and for the purpose of multilateral surveillance more generally;

• (2) 

  Whereas the implementation and supervision of Economic and Monetary Union require comparable, up-to-date and reliable information on the structure and developments in the economic situation of each Member State;

• (3) 

  Whereas the Commission must play a part in the administration of Economic and Monetary Union and, in particular, report to the Council on the budgetary situation and the amount of national debt in the Member States;

• (4) 

  Whereas the economic accounts in real terms, i.e. adjusted for price changes, are a fundamental tool for analysing a country's economic and budgetary situation, provided they are compiled on the basis of unique principles that are not open to different interpretations; whereas for this purpose the recommendations for the calculation of data at constant prices within the framework of Regulation (EC) No 2223/96 shall be deepened and strengthened;

• (5) 

  Whereas the Commission must use national accounts aggregates in real terms for Community policy purposes and, in particular, for the supervision of the stability and growth pact;

• (6) 

  Whereas in order to assess the seriousness of the economic recession the Member States must generally take as a reference any annual reduction of real GDP of at least 0,75 %; whereas exceeding the reference value following a serious economic recession is exceptional only if GDP in real terms records an annual reduction of at least 2 %;

• (7) 

  Whereas the results of the accounts in real terms of all Member States compiled according to the provisions introduced by this Decision must be made available to users by the Commission at specific dates, in particular with regard to the supervision of economic and monetary convergence;

• (8) 

  Whereas the provisions introduced by this Decision are the first steps towards common accounting rules for Member States' accounts in real terms for Community requirements, thereby making it possible to obtain results that are comparable among Member States and of sufficient quality;

• (9) 

  Whereas the results of the accounts in real terms for Community requirements must be the subject of statistical treatment and communications to the Commission on dates laid down by Regulation (EC) No 2223/96 and by Council Regulation (EC) No 3605/93 of 22 November 1993 on the...

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