* government revenue * government expenditure * government deficit * transactions in assets * transactions in liabilities * other economic flows * balance sheets
The GFS presentation is similar to that of business accounting where the profit and loss accounts and the balance sheet are presented together, in a linked manner.
The emphasis is on the economic substance over the legal form of the event. Hence GFS differ noticeably from the budget or public accounting presentations that are nationally specific as far as scope of units and recording of transactions are concerned.
European GFS are produced in accordance with the European System of Accounts 1995 (ESA 95), the EU manual for national accounts, supplemented by further interpretation and guidance from Eurostat.
GFS form the basis for fiscal monitoring in Europe, most notably for the statistics related to the Excessive Deficit Procedure (EDP).
The GFS template tables show, in an integrated way,
* government revenue and expenditure * government deficit, * transactions in assets, * transactions in liabilities, * other economic flows, and * balance sheets.
This presentation is similar to that of business accounting where the profit and loss and the balance sheet are presented together and in a linked manner. Only data for the general government (i.e. excluding public corporations) are shown.
GFS template tables are presented on both an annual and quarterly basis. Annual data are presented in a summary form as well as in a detailed form.
Aggregates for the euro area and for EU27 are calculated using Eurostat aggregation method. This involves the conversion of national currency data into one currency: the euro (or the ECU before 1999), using for flows the average exchange rate of the period, and for stocks the end of period exchange rate. Incomplete coverage may lead to the need for Eurostat estimates.
The GFS template tables present data for all the Member State, for the EU27 and the euro area and for Iceland, Norway and Switzerland (annual data). They draw on data from various Eurostat databases in an integrated manner. The tables contain useful metadata for interpretation of the data.
Annual Summary Government Finance Statistics template tables are compiled twice per year, usually end of April and end of October. They are also available as Excel files:
Eurostat asks Member States to transmit data according to a pre-defined timetable. In general Member States will introduce revisions to their data before each transmission. Eurostat accepts all revisions, provided that adequate explanation is provided. Aggregates for the euro area and EU27 are automatically updated when national series change.
European GFS are based on the concepts and definitions set out in ESA95, the European manual for national accounts. ESA95 is derived from, and almost entirely consistent with the worldwide manual for national accounts (SNA93). Since ESA95 is a general text, it has been necessary for Eurostat to supplement it with additional guidance in the form of the ESA95 Manual on Government Debt and Deficit, Eurostat Decisions, and bilateral advice to Member States.
Main Committees and Working Groups
Eurostat, the Member States and other interested parties meet several times per year. The National Accounts Working Group and Financial Accounts Working Group discuss methodological and practical issues relating to national accounts, including GFS issues. The Committee on Monetary, Financial and Balance of Payments Statistics (CMFB) is a high-level advisory group composed of senior officials from National Statistical Offices and Central Banks.
National accounts are an integrated accounting framework. This framework describes in the structured way economic events of all units of the economy, grouped within sectors according to their characteristics. As such it is the reference point for all macroeconomic statistics.
ESA2010 is a legislative text.
This new edition of the Manual aims to adapt it to the new Manual of national accounts (ESA 2010) which will enter into force on 1st September 2014. Although the latter has taken over many methodological provisions which were already in the MGDD, there are other changes which had to be introduced, such as the sector classification of some entities under government control, the recording of standardised guarantees and the treatment of transfer of pension obligations to government by corporations. This new edition, as usual, is the result of a collective work of reflection, conceptual and textual collaboration, under the responsibility of Eurostat, in cooperation with experts representing EU Member States, the Commission and the European Central Bank. This manual aims to assist the interpretation of the ESA 2010 rules and help their application for appropriately calculating the government deficit and debt.
This is a partial update of the Manual which aims to assist the interpretation of the ESA95 rules and help their application for appropriately calculating the government deficit and debt. The Manual is the result of a collective work of reflection, conceptual and textual collaboration, under the responsibility of Eurostat, in cooperation with experts representing EU Member States, the Commission and the European Central Bank. It was approved by the Financial Accounts Working Group (FAWG) and the Committee on Monetary, Financial and Balance of payment statistics (CMFB). This update includes notably three completely new chapters on the classification of EFSF/ESM, the treatment of low interest loans granted by government and the recording of carbon emission trading permits.
The following manuals provide additional conceptual guidelines as well as descriptions on actual sources and methods used in practice by Member States for the compilation of the data.
This manual has been developed by the Task Force on COFOG in response to an increasing interest in high quality, comparable statistics on government expenditure broken down by purpose, according to the Classification of the Functions of Government (COFOG). It is its second edition, the first having been produced in 2007. The structure is essentially the same as before, covering user requirements, the analytical framework, methodological guidance, links with other international statistics, and countries' compilation practices. However, many detailed parts have changed, reflecting the need to update and clarify the original text, when necessary. Moreover, further methodological guidance is given by the addition of new case studies discussed and agreed by the Task Force on COFOG.
The Manual on quarterly non-financial accounts for general government (QNFAGG Manual) complements the already existing Manual on compilation of taxes and social payments on a quarterly basis (published in 2002). These manuals establish an inventory of sources and methods used for compiling short-term public finance statistics but do not recommend "best practice". The compilation of the short-term public finance statistics is required by Commission Regulation (EC) 264/2000 of 3 February 2000 and by Regulation (EC) No 1221/2002 of the European Parliament and of the Council of 10 June 2002.
The first edition of the QNFAGG Manual was published in 2006. The present second edition (2011 edition) takes into account, recent changes in the national compilation systems for QNFAGG statistics, with a view to reflecting current practices. The update of the Manual was jointly carried out by Eurostat and by the statisticians, responsible in the National Statistical Institutes, for the compilation of QNFAGG statistics.
Eurostat occasionally makes Decisions which provide general guidance to countries on the recording of certain types of transactions, or which deal with specific cases which are particularly complex. These Decisions are made after consultation of the CMFB.
Eurostat has taken the following decisions that interpret national accounts rules The decision has been taken after consultation of the CMFB and on the basis of examination of the matter by ad-hoc task forces. They often lead to new guidance in the Manual on Government Deficit and Debt.
Clarification of the criteria for the recording of government capital injections into banks (Released 19-MAR-2013)
Eurostat decision on ESM (Released 31-JAN-2013)
The statistical recording of low interest rate loans (Released 16-JAN-2013)
The related News release.
Decision of Eurostat on deficit and debt: Securitisation operations undertaken by general government (Released 25-JUNE-2007)
The related News release.
Decision of Eurostat on deficit and debt: Recording of military equipment expenditure (Released 9-MAR-2006)
The related News release.
Accounting implications of the “International Finance Facility for Immunisation” initiative (Released 2-AUG-2005)
Three decisions on Italy: SCIP, ISPA and Concessionari d’imposta (Released 23-MAY-2005)
The treatment of transfers from the EU budget to the Member States (Released 15-FEB-2005)
Classification of funded pension schemes in case of government responsibility or guarantee (Released 2-MAR-2004)
Payments to government by corporations in the context of the transfer to government of their pension obligations (Released 2-FEB-2004)
New decision of Eurostat on deficit and debt - Treatment of public-private partnerships (Released 11-FEB-2004)
Payments to government by public corporations in the context of the transfer to government of their unfunded pensions obligations (Released 21-OCT-2003)
Liquidation of the EFTA Industrial Development Fund for Portugal (Released 21-AUG-2003)
Capital injections by government units into public corporations (Released 21-AUG-2003)
Exchange of Italian government bonds (Released 14-AUG-2009)
Treatment of non-returned banknotes and coins in the context of the cash changeover to the Euro (Released 22-JUL-2002)
Securitisation operations undertaken by general government (Released 3-JUL-2002)
Treatment of the transfer of Government real estate to a publicly-owned corporation in Austria (Released 31-JAN-2002)
Eurostat decision on the allocation of Mobile Phone Licenses (UMTS) (Released 14-JUL-2000) [PDF 95 K]
Eurostat decision on deficit and debt : Treatment of taxes on capital gains realised by a public holding company in the context of privatisation (Released 19-OCT-1998) [PDF 22 K]
Eurostat decision on deficit and debt : Payment to the state following the sale of monetary gold by UIC to the Central Bank (Released 27-JAN-1998) [PDF 23 K]
Eurostat decision on deficit and debt : Payments from Central Bank to the State - Changes in the due for payment dates on taxes, social contributions and benefits (Released 17-DEC-1997) [PDF 73 K]
Eurostat decision on deficit and debt : Treatment of linear bonds. Financing and exploiting of "public infrastructure" by the enterprises sector. Treatment of export insurance guaranteed by the State (Released 30-APR-1997) [PDF 83 K]
Eurostat decision on deficit and debt : Treatment of deep-discounted bonds and index-linked bonds. Financing and exploiting of "public infrastructure" by the enterprises sector (Released 26-MAR-1997) [PDF 72 K]
Eurostat decision on deficit and debt : Treatment of certain taxes. State guarantees on public enterprise debt. Financing and exploiting of "public infrastructure" by the enterprises sector (Released 21-FEB-1997) [PDF 83 K]
Eurostat decision on deficit and debt : Capitalised interest on deposits and other financial instruments covered by ESA79. Treatment of fungible bonds issued in several tranches ("coupons courus"). Swaps on interest rates and currency swaps. Sales of gold by Central Banks. Financial leasing. Classification of national bodies acting on behalf of the EC (FEOGA etc). Pension funds. Treatment of interest in the case of zero coupon bonds (Released 3-FEB-1997) [PDF 73 K]
Eurostat provides guidance on the accounting rules for EDP and GFS complementing the general rules of ESA95 as interpreted in the ESA95 Manual on Government deficit and debt and in the Eurostat decisions.
These Guidance notes are released under the responsibility of Eurostat, after consultation of Member States within the framework of the Financial Accounts Working Group.
The impact of bank recapitalisations on government finance (18 July 2012) [PDF, 38 KB]
The impact on EU Governments' deficit and debt of the decisions taken in the 2011-2012 European summits (12 April 2012) [PDF, 63 KB]
Eurostat's preliminary view on the recording of the future European Stability Mechanism (7 April 2011) [PDF, 358 KB]
Classification of public holding corporations and their subsidiaries in national accounts (11 March 2009) [PDF, 45 KB]
Recording of changes in inventories of Agricultural Market Regulatory Agencies (20 November 2008) [PDF, 69 KB]
Classification of payments for the use of roads (7 March 2008) [PDF, 36 KB]
Financial derivatives (7 March 2008) [PDF, 148 KB]
Eurostat provides bilateral advice to Member States when requested on specific cases. This may be before or after the transactions themselves are undertaken. The advice takes the form of letters addressed to the National Statistical Authorities.
In certain cases of future transactions, where the preparation for the transaction is of a confidential nature, Eurostat does not publish its advice until the transaction is announced by the national authority concerned.
Guidelines for Eurostat's ex-ante advice on methodological issues
Advice provided in 2012
[Annex 1: Letter from the CSO on classification of NAMA and SPV] [Annex 2: Methodological paper for Eurostat on classification of NAMA and SPV]
European GFS are based on a series of legal instruments – these can be sub-divided into those relating to methodology, to data transmission and to statistical aspects of the Excessive Deficit Procedure.
(will be implemented from September 2014)
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 Text with EEA relevance
ESA95 has been subsequently amended by the following instruments:
Classification of SWAPS
Regulation (EC) No 2558/2001 of the European Parliament and of the Council of 3 December 2001 amending Council Regulation (EC) No 2223/96 as regards the reclassification of settlements under swaps arrangements and under forward rate agreements (Text with EEA relevance
Taxes and social contributions
Commission Regulation (EC) No 995/2001 of 22 May 2001 implementing Regulation (EC) No 2516/2000 of the European Parliament and of the Council modifying the common principles of the European system of national and regional accounts in the Community (ESA 95) as concerns taxes and social contributions
Regulation (EC) No 2516/2000 of the European Parliament and of the Council of 7 November 2000 modifying the common principles of the European system of national and regional accounts in the Community (ESA) 95 as concerns taxes and social contributions and amending Council Regulation (EC) No 2223/96
Revised classification of expenditure
Commission Regulation (EC) No 113/2002 of 23 January 2002 amending Council Regulation (EC) No 2223/96 with regard to revised classifications of expenditure according to purpose (Text with EEA relevance)
Powers conferred on the Commission
Regulation (EC) No 400/2009 of the European Parliament and of the Council of 23 April 2009 amending Council Regulation (EC) No 2223/96 on the European system of national and regional accounts in the Community as regards the implementing powers conferred on the Commission
The following instrument draws on ESA95 definitions to establish a harmonised definition of government expenditure and revenue:
Regulation (EC) No 1267/2003 of the European Parliament and of the Council of 16 June 2003 amending Council Regulation (EC) No 2223/96 with respect to the time limit for transmission of the main aggregates of national accounts, to the derogations concerning the transmission of the main aggregates of national accounts and to the transmission of employment data in hours worked
Quarterly government finance statistics:
Quarterly financial accounts for general government
Regulation (EC) No 501/2004 of the European Parliament and of the Council of 10 March 2004 on quarterly financial accounts for general government (Text with EEA relevance)
Quarterly government debt for general government
Council Regulation (EC) No 1222/2004 of 28 June 2004 concerning the compilation and transmission of data on the quarterly government debt
Regulation (EU) No 473/2013 of the European Parliament and of the Council of 21 May 2013 on common provisions for monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficit of the Member States in the euro area
Regulation (EU) No 472/2013 of the European Parliament and of the Council of 21 May 2013 on the strengthening of economic and budgetary surveillance of Member States in the euro area experiencing or threatened with serious difficulties with respect to their financial stability
Regulation (EU) No 1175/2011 of the European Parliament and of the Council of 16 November 2011 amending Council Regulation (EC) No 1466/97 on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies
Council Regulation (EC) No 475/2000 of 28 February 2000 amending Regulation (EC) No 3605/93 on the application of the Protocol on the excessive deficit procedure annexed to the Treaty establishing the European Community
The Maastricht Treaty, which foresaw the creation of the Euro, organized the way multilateral fiscal surveillance is conducted within the European Union. This surveillance is based on the Excessive Deficit Procedure (EDP): it sets out schedules and deadlines for the Council, following reports from and on the basis of opinions by the Commission and the Economic and Financial Committee, to reach a decision that an excessive deficit exists in a Member State.
The Treaty obliges Member States to comply with budgetary discipline by respecting two criteria: a deficit to GDP ratio and a debt to GDP ratio not exceeding reference values of 3% and 60% respectively, as defined in the Protocol on the EDP annexed to the Treaty.
These reference values are based on GFS concepts. The government deficit is the net lending / net borrowing of general government as defined in the European system of accounts (ESA95), adjusted for the treatment of interest relating to swaps. The government debt is defined as the total consolidated gross debt at nominal value in the following categories of government liabilities (defined in ESA95): currency and deposits, securities other than shares excluding financial derivatives, and loans.
The Commission's reports and opinions are based on a technical assessment by the Directorate General Economic and Financial Affairs (DG ECFIN), using data reported by Eurostat. The web site of the DG ECFIN provides further information on the EDP’S legal basis and procedures.
Role of Eurostat in EDP
The Commission is responsible for providing the data used for the EDP, and within the Commission this task is undertaken by Eurostat. This is done on the basis of GFS statistics provided by the Member States. In addition, Eurostat has sole competence within the European Commission for the statistical methodological basis on which the data for EDP are compiled.
Council Regulation 479/2009, as amended, requires that Member States report EDP-related data to Eurostat twice per year – at end-March and end-September. The data are reported in harmonised tables. These tables are designed specifically to provide a consistent framework, with a link to national budgetary aggregates and between the deficit and changes in the debt. They should be fully consistent with GFS data. Warning: Eurostat publishes the notification tables as transmitted by Member States. In application of Council Regulation 479/2009, these tables include data for the current year which are forecasts and not statistics. It is important to note that Eurostat's assessment does not cover these forecasts.
A note analysing the "Stock-flow adjustments" and describing the underlying factors behind changes in government debt can be found here.
This note, prepared by Eurostat on the basis of the latest EDP Notification Tables, provides a country analysis of these changes and is fully consistent with the latest Eurostat EDP News Release.
The United Kingdom provides EDP notification tables for the calendar year (cy) and financial year (fy) (1 April to 31 March). The relevant data for implementation of the excessive deficit procedure are financial year data.
All files are in PDF format
The EDP Notification Tables have the following format:
EDP Table 1
Table 1 provides a summary view showing the net lending / net borrowing for general government and sub-sectors, the general government debt by instrument, interest payable by general government (reported both with and without interest payments on swaps and FRA), gross fixed capital formation of general government, as well as the GDP of the reference year.
EDP Tables 2
Tables 2 (2A, 2B, 2C and 2D) provide the link between the so-called working balances (i.e., the public deficit as reported nationally to parliament) and the net lending / net borrowing in ESA 1995 for each sub-sector. The working balances often correspond to the traditional budget deficit or a public accounting balance. Working balances need to be completed by operations that are off-budget, but that are considered in national accounts as part of government operations. Working balances need to be corrected for operations that impact them whilst are considered as financial transactions in national accounts without impact on the ESA deficit (e.g. loans granted by government), or alternatively the reverse: for operations that did not impact the working balances whilst are considered as expenditure in national accounts with impact on the ESA deficit (e.g. many cases of capital injections).
EDP Tables 3
Tables 3 [3A, 3B, 3C, 3D, 3E] make the link between the net lending / net borrowing (ESA deficit) and the change in debt. Whereas the change in debt over one period reflects largely the deficit of the period, it is by no way equal. As an example, for a given deficit (i.e. an excess of expenditure over revenue), higher net acquisitions of financial assets lead to higher borrowing needs and therefore, likely, a higher change in debt.
EDP Table 4
Table 4 shows supplementary information: the stock in trade credit payable by government; the amount outstanding in the government debt from the financing of public undertakings; the extent and the reasons in case of substantial differences between the face value and the present value of government debt; and the Gross National Income (GNI).
Availability of detailed and comprehensive Inventories is of vital importance for the quality assessment of Government Finance Statistics (GFS) data and for identifying possible risks in the reliability of GFS and thus of the Maastricht deficit and debt data. Following the provisions of Article 9 of the Council Regulation (EC) No 479/2009, as amended, in 2012 the new Inventory of the methods, procedures and sources used to compile actual deficit and debt data and the underlying government accounts has been adopted after consultation of the CMFB. All Member States are required to complete the new Inventory.
Eurostat undertakes regular visits to Member States, during which it reviews GFS data and methodological issues.
The following reports summarise the final findings of Eurostat dialogue, upstream (UDV) and methodological visits.
Bulgaria (22-23 January) [Mission findings not yet available]
Slovakia (28-29 November) [Mission findings not yet available]
Slovenia (UDV 27-29 November) [Mission findings not yet available] The Netherlands (26 November) [Mission findings not yet available]
Finland (18-19 November) [Mission findings not yet available]
Germany (UDVs 18-21 June, 22-25 October) [Mission findings not yet available]
Greece (24-25 September) [Mission findings not yet available]
Slovenia (12-13 September) [Mission findings not yet available]
Romania (UDV 28-30 August) [PDF, 872 KB]
Poland (UDV 6-8 March, 8-9 July) [Mission findings not yet available]
Croatia (Pre-accession visit 26-27 June) [PDF, 235 KB]
Romania (19-20 June) [PDF, 127 KB]
Sweden (4-5 June) [PDF, 377 KB]
Luxembourg (15 May) [PDF, 585 KB]
Latvia (Pre-Euro accession visit 8-9 April) [PDF, 1,026 KB]
Greece (20-21 March) [PDF, 327KB]
Estonia (27-28 February) [PDF, 88 KB]
Italy (UDV 19-21 November 2012, 4-5 February) [PDF, 472 KB]
Spain (24-25 January) [PDF, 135 KB]
United Kingdom (24-25 January) [PDF, 218 KB]
Denmark (29-30 November) [PDF, 359 KB]
Portugal (22-23 November) [PDF, 233 KB]
Czech Republic (UDV 22-24 May, 13-14 November) [PDF, 329 KB]
Cyprus (26 September) [PDF, 62 KB]
Greece (24-25 September) [PDF, 62 KB]
Spain (Technical visit 24 May - UDV 18-22 June - follow-up UDV 11-14 September) [PDF, 94 KB]
France (10-11 September) [600 KB]
Ireland (30-31 August) [PDF, 170 KB]
Hungary (10-11 July) [PDF, 131 KB]
Belgium (UDV 5-7 March, 27 June, UDV 4 September) [PDF, 322 KB]
Austria (UDV 17-19 January, 25-26 June) [PDF, 287 KB]
Spain (Technical visit 24 May - UDV 18-22 June) [PDF, 86 KB]
Malta (22-23 May) [PDF, 82 KB]
Croatia (Pre-accession visit 10-11 May) [PDF, 215 KB]
Slovakia (3-4 May) [PDF, 108 KB]
Greece (22-23 March) [PDF, 46 KB]
Bulgaria (UDV 29 November-2 December 2011, 27-29 February) [PDF, 177 KB]
Latvia (15-16 February) [PDF, 144 KB]
Lithuania (8-9 February) [PDF, 155 KB]
Sweden (12-13 December) [PDF, 330 KB]
The Netherlands (12 December) [PDF, 152 KB]
Finland (21-22 November) [PDF, 108 KB]
Greece (26-27 September) [PDF, 64 KB]
Portugal (19-20 September) [PDF, 61 KB]
Poland (5-6 September) [PDF, 169 KB]
Romania (UDV 20-22 June, 11-13 July, 26-27 September) [PDF, 3 602 KB]
Estonia (4-5 July) [PDF, 79 KB]
Italy (27-28 June) [PDF, 159 KB]
Slovenia (23-24 May) [PDF, 164 KB]
Luxembourg (19 May) [PDF, 2 300 KB]
Czech Republic (16-17 May) [PDF, 110 KB]
Germany (5-6 May) [PDF, 203 KB]
Greece (21-23 March) [PDF, 54 KB]
Slovakia (28 February - 1 March) [PDF, 132 KB]
Spain (17-18 February) [PDF, 148 KB]
Latvia (15-17 February) [PDF, 127 KB]
Denmark (31 January - 1 February) [PDF, 993 KB]
United Kingdom (26-28 January) [PDF, 4 025 KB]
Portugal (17-18 January and 14-15 April) [PDF, 602 KB]
Cyprus (13 December) [PDF, 1 867 KB]
France (29 November) [PDF, 120KB]
Belgium (26 November) [PDF, 79 KB]
Lithuania (22-23 November) [PDF, 127 KB]
Ireland (15-16 November) [PDF, 4 916 KB]
Bulgaria (16-17 September) [PDF, 2 775 KB]
Romania (6-7 September) [PDF, 162 KB]
Hungary (6-7 July) [PDF, 1 554 KB]
Malta (5-6 July) [PDF, 78 KB]
The Netherlands (15 June) [PDF, 4 254 KB]
Greece (EDP Methodological Visits) [PDF, 158 KB]
Finland (25-26 January) [PDF, 136 KB]
Austria (30 November - 1 December)[PDF, 166 KB]
Greece (EDP Methodological Visit) (16-18 November) [PDF, 148 KB]
Czech Republic (24-26 August)[PDF, 184 KB]
Poland (6-7 July) [PDF, 162 KB]
Spain (15-16 June) [PDF, 135 KB]
Estonia (4-5 June) [PDF, 1 099 KB]
Germany (4 May) [PDF, 671 KB]
Italy (23-24 March) [PDF, 82 KB]
Luxembourg (19 February) [PDF, 57 KB]
Latvia (16-17 February) [PDF, 1 093 KB]
Sweden (26-27 January) [PDF, 139 KB]
United Kingdom (12-13 January) [PDF, 131 KB]
Cyprus (4-5 December) [PDF, 510 KB]
Ireland (17-18 November) [PDF, 85 KB]
Greece (EDP Methodological Visits) (2-3 June and 15-19 September) [PDF, 220 KB]
Denmark (10-11 September) [PDF, 953 KB]
Hungary (10-11 July) [PDF, 121 KB]
Slovenia (26-27 June) [PDF, 129 KB]
Belgium (19 June) [PDF, 106 KB]
France (13 June) [PDF, 136 KB]
Lithuania (9-10 June) [PDF, 144 KB]
Slovakia (10-11 March) [PDF, 171 KB]
Bulgaria (4-5 March) [PDF, 100 KB]
Romania (18-19 February) [PDF, 203 KB]
Portugal (11-12 February) [PDF, 1 134 KB]
Malta (29 January) [PDF, 91 KB]
Netherlands (13-14 December) [PDF, 932 KB]
Finland (29-30 November) [PDF, 176 KB]
Estonia (17-18 September) [PDF, 69 KB]
Austria (10-11 September) [PDF, 1 013 KB]
Slovakia (5-7 September) [PDF, 1 399 KB]
Poland (2-3 July) [PDF, 1 082 KB]
Czech Republic (18-19 June) [PDF, 1 577 KB]
Sweden (7 May) [PDF, 79 KB]
Germany (12 Apri) [PDF, 655 KB]
Italy (15-16 March) [PDF, 1 112 KB]
Romania (5-6 March) [PDF, 1 386 KB]
Spain (5-6 February) [PDF, 93 KB]
Ireland/United Kingdom joint meeting (26 January) [PDF, 45 KB]
United Kingdom (25-26 January) [PDF, 84 KB]
Latvia (18-19 December) [PDF, 832 KB]
Luxembourg (20 November) [PDF, 47 KB]
Greece (29 September) [PDF, 528 KB]
Denmark (18 September) [PDF, 63 KB]
Hungary (20-21 July) [PDF, 73 KB]
Ireland (4-5 July) [PDF, 77 KB]
Cyprus (7 June) [PDF, 461 KB]
Greece (EDP Methodological Visit) (29 May-2 June and 27-29 September) [PDF, 457 KB]
Belgium (10 April) [PDF, 53 KB]
France (5 April) [PDF, 68 KB]
Malta (21 March) [PDF, 32 KB]
Lithuania (9-10 March) [PDF, 48 KB]
Slovenia (9-10 February) [PDF, 50 KB]
Portugal (23-24 January) [PDF, 31 KB]
Eurostat has collected data on government interventions during the financial crisis for the years 2007 - 2012. The data are presented in two parts of the supplementary tables. Part 1 shows the actual impact of interventions on government deficit. Part 2 shows the actual and potential impact on government debt. Eurostat publishes individual tables for EU Member States (where there were reportable interventions) and a summary table with the aggregated data for the EU and the Euro area.
Eurostat also publishes a background note providing more information on the content of the supplementary tables and data findings:
The sovereign debt crisis has underlined the need for more rigorous, transparent and comparable reporting of fiscal data. Council Directive 2011/85/EU (the Budgetary Frameworks Directive) sets out the rules on Member State budgetary frameworks necessary to ensure compliance with the Treaty obligation to avoid excessive government deficits. In this context it requested the Commission to assess the suitability of the International Public Sector Accounting Standards (IPSAS) for the Member States.
The European Commission has forwarded its assessment to the Council and European Parliament. The report, which is accompanied by a staff working document, is based on information received through consultations with Commission services, international organisations, Member States’ experts and other interested parties. It concludes that, even if IPSAS cannot be implemented in EU Member States as it stands currently, the IPSAS standards represent an indisputable reference for potential development of European Public Sector Accounting Standards (EPSAS), based on a strong EU governance system.
For the full text of the report, the staff working document and the supporting study see:
In order to support the assessment a survey was carried out of the public sector accounting and auditing practices in the Member States.
A Conference was held on 29-30 May 2013 in Brussels at which Mr Algirdas Šemeta, Commissioner for Taxation, Customs, Statistics, Audit and Anti-fraud, brought together high-level stakeholders and decision makers from public sector accounting, auditing and statistics to discuss the future development of harmonised government accounting standards in Europe.
Following the keynote speech of Herman Van Rompuy, President of the European Council. the conference discussed the importance of developing economic governance in the context of the current economic situation and the need for transparent and comparable fiscal data and underlying public accounts. It also covered key issues for accounting harmonisation in the EU and examples of the experience of some countries in modernising their public sector accounting and financial reporting. The conference concluded with a roundtable on lessons learned, best practices and the next steps to be taken.
To ensure that all stakeholders might express views, Eurostat has launched two public consultation exercises:
Period of consultation: From 17/02/2012 to 11/05/2012 (closed).
The European Commission carried out an assessment on the suitability of IPSAS for EU Member States during 2012 and Eurostat took the lead on the assessment and launched a public consultation exercise open to all those would like to contribute to the assessment. The assessment of the suitability of IPSAS for EU Member States has its origin in the context of the need to strengthen budgetary and fiscal framework for EU Member States. It is called for in the Council Directive 2011/85/EU on requirements for budgetary frameworks of the Member States, as adopted by the Council on 8 November 2011.
Period of consultation: From 25/11/2013 to 17/02/2014 (open).
The issue of the governance for a future EPSAS was identified as a priority for follow-up after the conference held to discuss the development of EPSAS in Brussels in May 2013. The conference was itself organised to take forward the Commission’s report to the Council and the Parliament "Towards implementing harmonised public sector accounting standards in the Member States: The suitability of International Public Sector accounting Standards (IPSAS) for the Member States", issued in March 2013.
Task Force EPSAS Governance was created to exchange views with the Member States’ authorities on possible future governance arrangements and underlying key principles of EPSAS. The Task Force should assist Eurostat to identify the key issues for EPSAS governance; discuss how to balance those issues, and thereby assist Eurostat to develop a model for the EPSAS governance structure. The first meeting of the Task Force was held on 2 October 2013.
European GFS and IMF GFS
The second edition of the IMF manual on government finance statistics, the Government Finance Statistics Manual (GFSM 2001) follows the SNA 1993 closely. Although not as fully integrated to national accounts as the European GFS, the IMF GFS are now very close.
Both IMF GFS and European GFS share in common:
However differences are observable. A useful account of the main differences may be found in the document GFSM 2001 Framework and its Relationship with the European System of Accounts 1995. The GFS data themselves are available here.
OECD publishes GFS data reported by its members and this is particularly useful for comparing European countries with other major economic powers (e.g. Japan) within a common framework.
The UN plays a strong role in harmonisation of methodology. The following two publications are of particular note for GFS.
The ECB publishes Euro-area GFS data in its Monthly Bulletin.
The Board is responsible for developing harmonised standards for the public sector.
Social benefits (other than social transfers in kind) paid by government (ESA95 code D.62) are transfers to households, in cash or in kind, intended to relieve them from the financial burden of a number of risks or needs (by convention: sickness, invalidity, disability, occupational accident or disease, old age, survivors, maternity, family, promotion of employment, unemployment, housing, education and general neediness), made through collectively schemes, or outside such schemes by government units.