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Commission Européenne - Eurostat

Revision of ESA 95Revision of ESA 95Planning and ProcessPlanning and Process

OECD Working Party OECD Working Party

on National Accountson National Accounts

October 2007October 2007

Commission Européenne - Eurostat

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TWO MANUALSTWO MANUALS

The System of National Accounts of the The System of National Accounts of the United Nations (1993 SNA)United Nations (1993 SNA)

The European System of national and The European System of national and regional Accounts (ESA 95) which has regional Accounts (ESA 95) which has specific EU uses (own resources of the EU, specific EU uses (own resources of the EU, structural funds, EDP and convergence)structural funds, EDP and convergence)

Commission Européenne - Eurostat

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ESA VERSUS SNA (1)ESA VERSUS SNA (1)

ESA is broadly consistent with SNA as ESA is broadly consistent with SNA as regards the definitions, accounting rules regards the definitions, accounting rules and classificationsand classifications

ESA nevertheless incorporates certain ESA nevertheless incorporates certain differences, particularly in its differences, particularly in its presentation, which is more in line with its presentation, which is more in line with its use in the EUuse in the EU

Commission Européenne - Eurostat

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ESA VERSUS SNA (2)ESA VERSUS SNA (2)

ESA is based on a regulation comprising ESA is based on a regulation comprising binding rules to ensure comparability at binding rules to ensure comparability at EU level, and a compulsory transmission EU level, and a compulsory transmission programmeprogramme

When SNA is flexible and includes several When SNA is flexible and includes several options, ESA generally chooses a options, ESA generally chooses a particular option for more consistency at particular option for more consistency at EU levelEU level

Commission Européenne - Eurostat

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BACKGROUND OF SNA UPDATEBACKGROUND OF SNA UPDATE

In 2003 the UN Statistical Commission (UNSC ) called In 2003 the UN Statistical Commission (UNSC ) called for an update of the SNA 1993 to ”bring the accounts in for an update of the SNA 1993 to ”bring the accounts in line with the new economic environment, advances in line with the new economic environment, advances in methodological research and needs for users”methodological research and needs for users”

The Inter Secretariat Working Group on National The Inter Secretariat Working Group on National Accounts (ISWGNA) comprising Eurostat, IMF, OECD, Accounts (ISWGNA) comprising Eurostat, IMF, OECD, UN and World Bank was mandated to co-ordinate and UN and World Bank was mandated to co-ordinate and manage the update projectmanage the update project

The Advisory Expert Group (AEG) was created in 2003 The Advisory Expert Group (AEG) was created in 2003 to make recommendations for updating SNA to make recommendations for updating SNA

44 recommendations have been identified by the 44 recommendations have been identified by the ISWGNA with the help of the AEGISWGNA with the help of the AEG

Commission Européenne - Eurostat

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ESA UPDATEESA UPDATE

In their meeting of 27 June 2007, the In their meeting of 27 June 2007, the Directors of National Accounts took Directors of National Accounts took important decisions which were confirmed important decisions which were confirmed by the CMFB delegates (28-29 June 2007)by the CMFB delegates (28-29 June 2007)

Commission Européenne - Eurostat

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SCOPE OF THE PROJECT (1)SCOPE OF THE PROJECT (1)

The revision of ESA 95 will set up, for many The revision of ESA 95 will set up, for many years, the National Accounts standardsyears, the National Accounts standards

The project will start from the consolidated text, The project will start from the consolidated text, which is the text of (EC) Council Regulation no. which is the text of (EC) Council Regulation no. 2223/96, later amended by several regulations2223/96, later amended by several regulations

The revision will cover all the recommendations The revision will cover all the recommendations and clarifications agreed at international leveland clarifications agreed at international level

A more integrated system should be developed. A more integrated system should be developed. Many statistical areas linked to National Many statistical areas linked to National Accounts will be impactedAccounts will be impacted

Commission Européenne - Eurostat

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SCOPE OF THE PROJECT (2)SCOPE OF THE PROJECT (2)

The revised ESA will include:The revised ESA will include: A new chapter on government accountsA new chapter on government accounts A new chapter on links betweeen business A new chapter on links betweeen business

accounts and national accountsaccounts and national accounts More emphasis on infra annual and regional More emphasis on infra annual and regional

accounts, and on prices and volumesaccounts, and on prices and volumes A new chapter presenting a common A new chapter presenting a common

framework and general principles for different framework and general principles for different types of satellite accountstypes of satellite accounts

Commission Européenne - Eurostat

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DECISIONS ON IMPORTANT DECISIONS ON IMPORTANT ISSUESISSUES

Research and development: Research and development: Work in a context of a task force in order to Work in a context of a task force in order to define supplementary compulsory tablesdefine supplementary compulsory tables

Pension schemes: Pension schemes: Implement the recommendations of the Implement the recommendations of the Eurostat/ECB task force in a way which Eurostat/ECB task force in a way which ensures comparability of Member states’ ensures comparability of Member states’ national accountsnational accounts

Commission Européenne - Eurostat

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HOW TO ENSURE THE SUCCES OF HOW TO ENSURE THE SUCCES OF THIS PROJECT (1)THIS PROJECT (1)

1 semester 2008: Report on the evaluation 1 semester 2008: Report on the evaluation of the implementation of ESA 95 in the of the implementation of ESA 95 in the EU (identify the required improvements)EU (identify the required improvements)

1 semester 2008: Impact assessment of the 1 semester 2008: Impact assessment of the introduction of the new ESA (resources introduction of the new ESA (resources needed; impact on main aggregates)needed; impact on main aggregates)

Mid 2008: public consultation of usersMid 2008: public consultation of users

Commission Européenne - Eurostat

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HOW TO ENSURE THE SUCCES OF HOW TO ENSURE THE SUCCES OF THIS PROJECT (2)THIS PROJECT (2)

Monitoring of the project by the Directors Monitoring of the project by the Directors of National Accounts (examination of of National Accounts (examination of important issues, strategic decisions)important issues, strategic decisions)

With the help of a steering group of With the help of a steering group of Directors of National Accounts chaired by Directors of National Accounts chaired by EurostatEurostat

Regular reporting to the SPC, the EFC Regular reporting to the SPC, the EFC sub-commitee on statistics, the CMFB sub-commitee on statistics, the CMFB

Commission Européenne - Eurostat

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KEY MILESTONES (1)KEY MILESTONES (1)

Drafting and discussions of chapters: January Drafting and discussions of chapters: January 2008 to February 2009 (14 months). 2008 to February 2009 (14 months).

Discussion on the amended transmission Discussion on the amended transmission programme: September 2008 to February 2009programme: September 2008 to February 2009

Finalisation of the draft, launch of the Finalisation of the draft, launch of the interservice consultation, adoption of the interservice consultation, adoption of the Commission proposal: February to June 2009Commission proposal: February to June 2009

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KEY MILESTONES (2)KEY MILESTONES (2)

Conference on macroeconomic statistics Conference on macroeconomic statistics including national accounts, partly dedicated to including national accounts, partly dedicated to the revision of ESA: first quarter 2009the revision of ESA: first quarter 2009

Adoption of the regulation by the European Adoption of the regulation by the European Parliament and the Council: first quarter 2011Parliament and the Council: first quarter 2011

Implementation of the new ESA methodology Implementation of the new ESA methodology and transmission programme: 2014and transmission programme: 2014