ESTAT/C/1 08/02/ :37 Slide: 1 Commission Européenne - Eurostat Revision of ESA 95 Planning and Process OECD Working Party on National Accounts October 2007

Commission Européenne - Eurostat ESTAT/C/1 08/02/ :37 Slide: 2 TWO MANUALS l The System of National Accounts of the United Nations (1993 SNA) l The European System of national and regional Accounts (ESA 95) which has specific EU uses (own resources of the EU, structural funds, EDP and convergence)

Commission Européenne - Eurostat ESTAT/C/1 08/02/ :37 Slide: 3 ESA VERSUS SNA (1) lESA is broadly consistent with SNA as regards the definitions, accounting rules and classifications lESA nevertheless incorporates certain differences, particularly in its presentation, which is more in line with its use in the EU

Commission Européenne - Eurostat ESTAT/C/1 08/02/ :37 Slide: 4 ESA VERSUS SNA (2) lESA is based on a regulation comprising binding rules to ensure comparability at EU level, and a compulsory transmission programme lWhen SNA is flexible and includes several options, ESA generally chooses a particular option for more consistency at EU level

Commission Européenne - Eurostat ESTAT/C/1 08/02/ :37 Slide: 5 BACKGROUND OF SNA UPDATE lIn 2003 the UN Statistical Commission (UNSC ) called for an update of the SNA 1993 to bring the accounts in line with the new economic environment, advances in methodological research and needs for users l The Inter Secretariat Working Group on National Accounts (ISWGNA) comprising Eurostat, IMF, OECD, UN and World Bank was mandated to co-ordinate and manage the update project l The Advisory Expert Group (AEG) was created in 2003 to make recommendations for updating SNA l 44 recommendations have been identified by the ISWGNA with the help of the AEG

Commission Européenne - Eurostat ESTAT/C/1 08/02/ :37 Slide: 6 ESA UPDATE In their meeting of 27 June 2007, the Directors of National Accounts took important decisions which were confirmed by the CMFB delegates (28-29 June 2007)

Commission Européenne - Eurostat ESTAT/C/1 08/02/ :37 Slide: 7 SCOPE OF THE PROJECT (1) lThe revision of ESA 95 will set up, for many years, the National Accounts standards lThe project will start from the consolidated text, which is the text of (EC) Council Regulation no. 2223/96, later amended by several regulations lThe revision will cover all the recommendations and clarifications agreed at international level lA more integrated system should be developed. Many statistical areas linked to National Accounts will be impacted

Commission Européenne - Eurostat ESTAT/C/1 08/02/ :37 Slide: 8 SCOPE OF THE PROJECT (2) The revised ESA will include: l A new chapter on government accounts l A new chapter on links betweeen business accounts and national accounts l More emphasis on infra annual and regional accounts, and on prices and volumes l A new chapter presenting a common framework and general principles for different types of satellite accounts

Commission Européenne - Eurostat ESTAT/C/1 08/02/ :37 Slide: 9 DECISIONS ON IMPORTANT ISSUES l Research and development: Work in a context of a task force in order to define supplementary compulsory tables l Pension schemes: Implement the recommendations of the Eurostat/ECB task force in a way which ensures comparability of Member states national accounts

Commission Européenne - Eurostat ESTAT/C/1 08/02/ :37 Slide: 10 HOW TO ENSURE THE SUCCES OF THIS PROJECT (1) l1 semester 2008: Report on the evaluation of the implementation of ESA 95 in the EU (identify the required improvements) l1 semester 2008: Impact assessment of the introduction of the new ESA (resources needed; impact on main aggregates) lMid 2008: public consultation of users

Commission Européenne - Eurostat ESTAT/C/1 08/02/ :37 Slide: 11 HOW TO ENSURE THE SUCCES OF THIS PROJECT (2) lMonitoring of the project by the Directors of National Accounts (examination of important issues, strategic decisions) lWith the help of a steering group of Directors of National Accounts chaired by Eurostat lRegular reporting to the SPC, the EFC sub-commitee on statistics, the CMFB

Commission Européenne - Eurostat ESTAT/C/1 08/02/ :37 Slide: 12 KEY MILESTONES (1) lDrafting and discussions of chapters: January 2008 to February 2009 (14 months). lDiscussion on the amended transmission programme: September 2008 to February 2009 lFinalisation of the draft, launch of the interservice consultation, adoption of the Commission proposal: February to June 2009

Commission Européenne - Eurostat ESTAT/C/1 08/02/ :37 Slide: 13 KEY MILESTONES (2) lConference on macroeconomic statistics including national accounts, partly dedicated to the revision of ESA: first quarter 2009 lAdoption of the regulation by the European Parliament and the Council: first quarter 2011 lImplementation of the new ESA methodology and transmission programme: 2014