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Revision of ESA 95 Planning and Process

Revision of ESA 95 Planning and Process. OECD Working Party on National Accounts October 2007. TWO MANUALS. The System of National Accounts of the United Nations (1993 SNA)

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Revision of ESA 95 Planning and Process

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  1. Revision of ESA 95Planning and Process OECD Working Party on National Accounts October 2007

  2. TWO MANUALS • The System of National Accounts of the United Nations (1993 SNA) • 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)

  3. ESA VERSUS SNA (1) • ESA is broadly consistent with SNA as regards the definitions, accounting rules and classifications • ESA nevertheless incorporates certain differences, particularly in its presentation, which is more in line with its use in the EU

  4. ESA VERSUS SNA (2) • ESA is based on a regulation comprising binding rules to ensure comparability at EU level, and a compulsory transmission programme • When SNA is flexible and includes several options, ESA generally chooses a particular option for more consistency at EU level

  5. BACKGROUND OF SNA UPDATE • In 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” • 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 • The Advisory Expert Group (AEG) was created in 2003 to make recommendations for updating SNA • 44 recommendations have been identified by the ISWGNA with the help of the AEG

  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)

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

  8. SCOPE OF THE PROJECT (2) The revised ESA will include: • A new chapter on government accounts • A new chapter on links betweeen business accounts and national accounts • More emphasis on infra annual and regional accounts, and on prices and volumes • A new chapter presenting a common framework and general principles for different types of satellite accounts

  9. DECISIONS ON IMPORTANT ISSUES • Research and development: Work in a context of a task force in order to define supplementary compulsory tables • Pension schemes: Implement the recommendations of the Eurostat/ECB task force in a way which ensures comparability of Member states’ national accounts

  10. HOW TO ENSURE THE SUCCES OF THIS PROJECT (1) • 1 semester 2008: Report on the evaluation of the implementation of ESA 95 in the EU (identify the required improvements) • 1 semester 2008: Impact assessment of the introduction of the new ESA (resources needed; impact on main aggregates) • Mid 2008: public consultation of users

  11. HOW TO ENSURE THE SUCCES OF THIS PROJECT (2) • Monitoring of the project by the Directors of National Accounts (examination of important issues, strategic decisions) • With the help of a steering group of Directors of National Accounts chaired by Eurostat • Regular reporting to the SPC, the EFC sub-commitee on statistics, the CMFB

  12. KEY MILESTONES (1) • Drafting and discussions of chapters: January 2008 to February 2009 (14 months). • Discussion on the amended transmission programme: September 2008 to February 2009 • Finalisation of the draft, launch of the interservice consultation, adoption of the Commission proposal: February to June 2009

  13. KEY MILESTONES (2) • Conference on macroeconomic statistics including national accounts, partly dedicated to the revision of ESA: first quarter 2009 • Adoption of the regulation by the European Parliament and the Council: first quarter 2011 • Implementation of the new ESA methodology and transmission programme: 2014

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