IMF--Dissemination Standards Bulletin Board--:(Summary Methodology)

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(THE SUMMARY METHODOLOGY STATEMENT HAS BEEN PROVIDED BY EURO AREA, WHICH IS SOLELY RESPONSIBLE FOR ITS ACCURACY AND COMPLETENESS. AT THE TIME OF POSTING, THE STATEMENT WAS REVIEWED BY THE IMF FOR CONSISTENCY WITH THE METADATA BASE PAGE DESCRIBING DISSEMINATION PRACTICES. SUBSCRIBERS ARE REQUIRED TO PROVIDE UPDATES TO THE STATEMENT, AS NEEDED, AND ARE EXPECTED TO MAKE OTHER IMPROVEMENTS, AS WARRANTED, TO ENHANCE TRANSPARENCY)

Euro Area
Summary Methodology
Central government debt - (General Government Debt)
(General Government Debt )

Last Posted:	Nov-8-2006
Last Updated:	Nov-8-2006

Contact Person(s)		Printer Friendly Page
	Unit C3 Public finance , European Statistical Data Support: http://epp.eurostat.cec.eu.int/pls/portal/url/page/PGP_DS_SUPPORT, Eurostat, Statistical Office of the European Communities, Luxembourg L-2920

I. Analytical Framework, Concepts, Definitions, and Classifications
2.1.1 Concepts and definitions

Statistical concept

General government debt is one of the convergence criteria of the Maastricht treaty used for monitoring the economic situation of a Member State. The Maastricht debt is defined as the debt at the end of the year. In order to follow the latest trends, Member States are required to provide debt data on a quarterly basis.

Definition of indicators

General government debt means total gross debt at nominal value outstanding at the end of the year and consolidated between and within the sectors of general government (ref. Maastricht Treaty, Protocol on the excessive deficit procedure)

‘Quarterly government debt’ means the total gross debt at nominal value outstanding at the end of each quarter of the sector of general government (ref. Council Regulation No 1222/2004).

Member States may provide a breakdown of the general government debt using ESA-95 definitions:

· by instruments where the main instruments are: currency and deposits (AF.2), securities other than shares excluding financial derivatives (AF.33), and loans (AF.4),

· by government sectors: central government (S.1311), state government (S.1312), local government (S.1313), social security funds (S.1314).

The tables contain debt figures expressed in national currency, converted into euro, and as a percentage of the total consolidated debt for the Member State.
2.3.1 Classification/sectorization

Classification system and conformity with official standards

ESA-95 standards are used.

The data are compiled as defined by COUNCIL REGULATION (EC) No 1222/2004 of 28 June 2004 (OJ No L 233/1) concerning the compilation and transmission of data on the quarterly government debt.

II. Scope of the data
2.2.1 Scope

Scope of the data

Geographical coverage

The Regulation applies to EU Member States. Accession countries and EEA countries may provide data.

Statistical units

Not applicable.

Statistical population

Not applicable.

III. Accounting Conventions
2.4.2 Recording basis

Reference period

The quarterly general government debt refers to the debt at the end of each quarter (see also the definition of the indicator). For non-eurozone Member States, the debt expressed in euro is converted using the exchange rate at the last working day of the quarter.

Base period

Not applicable.

Recording of transactions

Data are stock of debt.

IV. Nature of the Basic Data Sources
3.1.1 Source data collection programs

Data sources used

Data are transmitted by national authorities (national statistical institute, national central bank or Ministry of Finance).

Type of survey

The survey is a census.

Techniques of data collection

Not applicable.

V. Compilation Practices
3.3.2 Other statistical procedures

Compilation of European aggregates

For EU and euro-zone aggregate, the quarterly debt for each Member States is converted into euros using the exchange rates at the end of the quarter. If data is not available from all Member States, the EU and euro-zone aggregates are estimated provided that information from a sufficient number of Member States is available. This will be flagged as being estimated.

There is no consolidation of debt between Member States.

Adjustments

Data are not adjusted.
3.4.1 Validation of intermediate results

Data validation of statistical data

The consistency of aggregated data with its sub-components is validated before publication. Debt at the end of the fourth quarter of each year is validated against annual data provided for the EU excessive deficit procedure.

VI. Other Aspects

Footnotes

Last posted: Date IMF staff last posted an update to these metadata on the DSBB.
Last certified: Date subscriber last officially certified the accuracy of these metadata.
Last updated: Date subscriber last submitted an update of these metadata to the IMF.



Footnotes
Last posted: Date IMF staff last posted an update to these metadata on the DSBB.
Last certified: Date subscriber last officially certified the accuracy of these metadata.
Last updated: Date subscriber last submitted an update of these metadata to the IMF.