WRITTEN QUESTION No. 1342/98 by José GARCÍA-MARGALLO Y MARFIL to the Commission. The euro and 1999
Date: 1998-04-29
Institutions: European Parliament, Provisional data
Subjects: bond, budget deficit, currency adjustment, economic convergence, gross domestic product, price of securities, public debt, third stage of EMU

C 50/28

Official Journal of the European Communities

EN

22.2.1999

(1999/C 50/036)

WRITTEN QUESTION E-1342/98

by JosØ Garc(cid:237)a-Margallo y Marfil (PPE) to the Commission

(29 April 1998)

Subject: The euro and 1999

On page 110 of the Commission(cid:146)s report of 25 March 1998 (state of convergence and recommendations for the
transition to the third stage of EMU), it is stated: (cid:145)The so-called (cid:147)stock-flow adjustment(cid:148) regroups factors, other
than the government deficit, which contribute to the variation in the stock of government gross debt: included are
changes in the net holdings of financial assets, changes in the value of debt denominated in foreign currency and
other statistical adjustments(cid:146).

Can the Commission explain what type of statistical adjustments it is referring to?

Answer given by Mr de Silguy on behalf of the Commission

(3 June 1998)

The government deficit is the main element explaining the variation in the stock of government debt. However,
due to the specific definitions of deficit (general government net borrowing) and of debt (general government
consolidated gross debt at nominal value) and to technical specificities, other elements influence the variation of
the debt level. These elements include changes in the holdings of financial assets, changes in the value of
government debt denominated in foreign currencies and other statistical adjustments.

The other statistical adjustments regroup adjustments to the value of index-linked bonds and to the valuation of
bills and bonds in case of differences between the issue price and the nominal value. Adjustments are also needed
to take into account the fact that accounts receivable and payable and trade credits are not included in the debt,
whereas these operations influence the deficit.

These adjustments can either make a positive or negative contribution to the change in the debt level. However,
they are small and usually amount to less than 1 % of the gross domestic product (GDP).

(1999/C 50/037)

WRITTEN QUESTION E-1357/98

by Allan Macartney (ARE) to the Commission

(7 May 1998)

Subject: Fish meal

Can the Commission confirm that fish meal is classified as an animal protein source and what the ramifications of
this classification are?

Given that fish meal was cleared of any risk by the UK Ministry of Agriculture, Fisheries and Food, can the
Commission explain why there is a ban on the use of fish meal in ruminant diets? Does the Commission foresee
any further extension of this ban?

Has the Commission considered the effects of the ban, and any extension of it, on the fish meal industry? What
studies has the Commission undertaken, firstly to prove any risk, and secondly, to ascertain the impact on the fish
meal and related industries?

Answer given by Mr Fischler on behalf of the Commission

(19 June 1998)

According to Article 2 of Directive 92/118/EEC (1), fishmeal is defined as a processed animal protein intended for
animal consumption. Chapter 6 of this Directive lays down the rules for trade and imports of this product.