Brussels, 8.4.2005

COM(2005) 135 final

2003/0296 (COD)

COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT pursuant to the second subparagraph of Article 251(2) of the EC Treaty concerning the

common position of the Council on the adoption of a proposal for a Regulation of the European Parliament and of the Council on the compilation of quarterly non-financial accounts by institutional sector

2003/0296 (COD)

COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT pursuant to the second subparagraph of Article 251(2) of the EC Treaty concerning the

common position of the Council on the adoption of a proposal for a Regulation of the European Parliament and of the Council on the compilation of quarterly non-financial accounts by institutional sector

1. BACKGROUND TO THE FILE

Date when the proposal was sent to the EP and to the Council (document COM(2003) 789 final – 2003/0296(COD)): | 16 December 2003 |

Date of the European Central Bank opinion: | 4 February 2004 |

Date of European Parliament opinion on first reading: | 30 March 2004 |

Date of transmission of the amended proposal: | None |

Date of adoption of the common position: | 8 March 2005 |

2. OBJECTIVE OF THE COMMISSION PROPOSAL

The proposal for a Regulation is intended to set up a European framework for the compilation and transmission of quarterly non-financial accounts by institutional sector. These accounts will make it possible to analyse at European level the behaviour in the business cycle of economic agents such as households and companies. They will be an important tool for guiding monetary policy in the euro zone and for monitoring the economic policies of Member States.

3. COMMENTS ON THE COMMON POSITION

3.1. General Remarks

The amendments made to the common position in no way change the substance of the draft regulation. They delay its implementation by several months and provide for a transition period to allow Member States to comply with the 90-day deadline laid down for the transmission of data. The common position does not, therefore, pose any particular problem for the Commission.

3.2. Remarks on the European Parliament amendment on first reading

- accepted by the Commission and taken over in the common position:

The European Parliament proposed a single amendment, intended to clarify the fifth recital. It specifies that the accounts of the European Institutions are to be included in the accounts of the zone in question (euro zone or European Union, as applicable).

3.3. New provisions introduced by the Council

The amendments made by the Council exclusively concerned Article 2 on the procedures for the transmission of data:

- the amendment to Article 2.2 specifies that more detailed data will not be asked for before the Commission has submitted to the European Parliament and the Council a report on the implementation of the Regulation in its original form.

- the amendment to Article 2.3 introduces a three-year transition period from the date of entry into force of the Regulation, during which Member States would have 95 days to transmit the data, rather than the 90 days provided for once the Regulation is fully operational.

- the amendment to Article 2.5 pushes back by six months the date on which data must be transmitted for the first time; these will thus cover the third, rather than the first, quarter of 2005. Member States shall deliver these data no later than 3 January 2006 instead of 30 June 2005.

The above amendments will give the Member States the time needed to comply with the requirements of the new Regulation without compromising the objectives set out in the Action Plan on Economic and Monetary Union (EMU) Statistical Requirements. They are therefore acceptable to the Commission.

4. CONCLUSIONS

The Commission states its agreement with the Council's common position.