Article 1 Definitions
For the purposes of this Regulation: ‘Government’ means the sector of general government as defined in the European system of national and regional accounts in the Community (hereinafter referred to as ESA 95), adopted by Regulation (EC) No 2223/96. The codes in brackets refer to ESA 95. ‘Quarterly government debt’ means the total gross debt at nominal value outstanding at the end of each quarter of the sector of general government (S.13), with the exception of those liabilities the corresponding financial assets of which are held by the sector of general government (S.13). The quarterly government debt is constituted by the liabilities of general government in the following categories: currency and deposits (AF.2); securities other than shares, excluding financial derivatives (AF.33) and loans (AF.4), as defined in ESA 95. The nominal value of a liability outstanding at the end of each quarter is the face value. The nominal value of an index-linked liability corresponds to its face value adjusted by the index-related change in the value of the principal accrued to the end of each quarter. Liabilities denominated in a foreign currency, or exchanged from one foreign currency through contractual agreements to one or more other foreign currencies shall be converted into the other foreign currencies at the rate agreed on in those contracts and shall be converted into the national currency on the basis of the representative market exchange rate prevailing on the last working day of each quarter. Liabilities denominated in the national currency and exchanged through contractual agreements to a foreign currency shall be converted into the foreign currency at the rate agreed on in those contracts and shall be converted into the national currency on the basis of the representative market exchange rate prevailing on the last working day of each quarter. Liabilities denominated in a foreign currency and exchanged through contractual agreements to the national currency shall be converted into the national currency at the rate agreed on in those contracts.
Article 2 Timetable
1. Member States shall compile and transmit to the Commission data on the quarterly government debt at the latest three months after the end of the quarter to which the data refer. Any revision of data for previous quarters shall be transmitted at the same time. 2. The first transmission of the data on the quarterly government debt shall take place by 31 December 2004. 3. The Commission may grant a derogation, not exceeding one year, concerning the first transmission of quarterly data, insofar as national statistical systems require major change.
Amendment rationale: CONTEXT OF THE PROPOSAL The proposal for a Council Regulation is necessitated by the upcoming accession of the Republic of Croatia to the European Union. The Treaty concerning the accession of the Republic of Croatia to the European Union[1] was signed by all Member States of the European Union and the Republic of Croatia at Brussels on 9 December 2011. Article 3 (3) of the Treaty of Accession provides that it shall enter into force on 1 July 2013 provided that all the instruments of ratification have been deposited before that date. Article 3(4) of the Treaty of Accession enables the institutions of the Union to adopt before accession measures referred to, inter alia, in Article 50 of the Act concerning the conditions of accession of the Republic of Croatia[2]. These measures shall enter into force only subject to and on the date of the entry into force of the Treaty of Accession. Article 50 of the Act of Accession provides that where acts of the institutions adopted prior to accession require adaptation by reason of accession, and the necessary adaptations have not been provided for in this Act or its Annexes, the Council or the Commission (if the original acts were adopted by the Commission) shall adopt the necessary acts. Point 2 of the Final Act[3] refers to the political agreement on a set of adaptations to acts adopted by the institutions which was reached between the Member States and Croatia in the context of the approval of the Treaty of Accession; the High Contracting Parties of the Treaty of Accession invited the Council and the Commission to adopt these adaptations before accession in accordance with Article 50 of the Act of Accession, completed and updated where necessary to take account of the evolution of the law of the Union. The present proposal regroups the technical adaptations to all Council regulations and decisions as well as to all European Parliament and Council regulations and decisions which require technical adaptation by reason of the accession of Croatia, into a single Council regulation. Alongside this proposal for a Council Regulation, the Commission transmits a series of separate proposals for several Council directives to the Council which cover technical adaptations to Council directives as well as to European Parliament and Council directives which also need technical adaptation by reason of the accession of Croatia. Each of these separate proposals for Council directives regroups the technical adaptations which correspond to different negotiation chapters. This structure is designed to facilitate the transposition of the directives by Member States into their respective legal orders, and is in line with the approach which was taken in view of the accession of Bulgaria and Romania[4]. It is foreseen that all the legal acts included in this package will be published in the Official Journal of the European Union at the same date. The present proposal and the other proposals included in this package will take into account technical adaptations to the acquis which were published in the Official Journal of the European Union until 1 September 2012. The reasons for this are to provide sufficient time for the legislative processes involved on the one hand, and for the fulfilment of the ensuing transposition and notification obligations by Member States as regards directives on the other hand. Adaptations which may be necessary to the acquis published in the Official Journal of the European Union after 1 September 2012 will be foreseen in the relevant acts themselves or done at a later stage through the appropriate procedure. In addition, the Commission intends to informally provide a list of such legislation to Member States in early July 2013.
Revised version (Article 2 Timetable):
1. Member States shall compile and transmit to the Commission data on the quarterly government debt at the latest three months after the end of the quarter to which the data refer. Any revision of data for previous quarters shall be transmitted at the same time. 2. The first transmission of the data on the quarterly government debt shall take place by 31 December 2004. For the Republic of Croatia, the first transmission of the data on the quarterly government debt shall relate to data starting with the first quarter of 2012 and shall take place by the end of the first quarter following the date of accession. 3. The Commission may grant a derogation, not exceeding one year, concerning the first transmission of quarterly data, insofar as national statistical systems require major change.
Article 3 Back data
Back-data relating to the first quarter of 2000 onwards shall be transmitted by 31 December 2004. Where necessary, such data may be provided using a best-estimate approach.
Amendment rationale: CONTEXT OF THE PROPOSAL The proposal for a Council Regulation is necessitated by the upcoming accession of the Republic of Croatia to the European Union. The Treaty concerning the accession of the Republic of Croatia to the European Union[1] was signed by all Member States of the European Union and the Republic of Croatia at Brussels on 9 December 2011. Article 3 (3) of the Treaty of Accession provides that it shall enter into force on 1 July 2013 provided that all the instruments of ratification have been deposited before that date. Article 3(4) of the Treaty of Accession enables the institutions of the Union to adopt before accession measures referred to, inter alia, in Article 50 of the Act concerning the conditions of accession of the Republic of Croatia[2]. These measures shall enter into force only subject to and on the date of the entry into force of the Treaty of Accession. Article 50 of the Act of Accession provides that where acts of the institutions adopted prior to accession require adaptation by reason of accession, and the necessary adaptations have not been provided for in this Act or its Annexes, the Council or the Commission (if the original acts were adopted by the Commission) shall adopt the necessary acts. Point 2 of the Final Act[3] refers to the political agreement on a set of adaptations to acts adopted by the institutions which was reached between the Member States and Croatia in the context of the approval of the Treaty of Accession; the High Contracting Parties of the Treaty of Accession invited the Council and the Commission to adopt these adaptations before accession in accordance with Article 50 of the Act of Accession, completed and updated where necessary to take account of the evolution of the law of the Union. The present proposal regroups the technical adaptations to all Council regulations and decisions as well as to all European Parliament and Council regulations and decisions which require technical adaptation by reason of the accession of Croatia, into a single Council regulation. Alongside this proposal for a Council Regulation, the Commission transmits a series of separate proposals for several Council directives to the Council which cover technical adaptations to Council directives as well as to European Parliament and Council directives which also need technical adaptation by reason of the accession of Croatia. Each of these separate proposals for Council directives regroups the technical adaptations which correspond to different negotiation chapters. This structure is designed to facilitate the transposition of the directives by Member States into their respective legal orders, and is in line with the approach which was taken in view of the accession of Bulgaria and Romania[4]. It is foreseen that all the legal acts included in this package will be published in the Official Journal of the European Union at the same date. The present proposal and the other proposals included in this package will take into account technical adaptations to the acquis which were published in the Official Journal of the European Union until 1 September 2012. The reasons for this are to provide sufficient time for the legislative processes involved on the one hand, and for the fulfilment of the ensuing transposition and notification obligations by Member States as regards directives on the other hand. Adaptations which may be necessary to the acquis published in the Official Journal of the European Union after 1 September 2012 will be foreseen in the relevant acts themselves or done at a later stage through the appropriate procedure. In addition, the Commission intends to informally provide a list of such legislation to Member States in early July 2013.
Revised version (Article 3 Back data):
Back-data relating to the first quarter of 2000 onwards shall be transmitted by 31 December 2004. Where necessary, such data may be provided using a best-estimate approach. The Republic of Croatia shall transmit back-data from the first quarter of 2002 until the fourth quarter of 2011 by the end of December 2015.
Article 4 Amendments
1. If the Council decides to amend Regulation (EC) No 3605/93, in accordance with the rules on competence and procedure laid down in the Treaty, the Council shall simultaneously amend Article 1 of this Regulation, so that the definitions contained therein are kept consistent. 2. If the Commission introduces new references to ESA 95 into Article 1(5) of Regulation (EC) No 3605/93, in accordance with Article 7 thereof, the Commission shall simultaneously introduce the same new references into Article 1 of this Regulation, so that the definitions contained therein are kept consistent.
Article 5 Entry in force
This Regulation shall enter into force on the 20th day following that of its publication in the Official Journal of the European Union .