               3.10.2008

               EN

               Official Journal of the European Union

               C 251/1

         Recommendation for a Council Regulation amending Regulation (EC) No 2533/98 concerning the collection of statistical information by the European Central Bank
   (ECB/2008/9)
   (2008/C 251/01)
   EXPLANATORY MEMORANDUM
   1.   INTRODUCTION
   On 23 November 1998, the Council of the European Union adopted Regulation (EC) No 2533/98 concerning the collection of statistical information by the European Central Bank (ECB) (1). A number of amendments should now be considered to maintain Regulation (EC) No 2533/98 as an effective instrument to carry out the statistical information collection tasks of the European System of Central Banks (ESCB).
   In line with Article 107(6) of the Treaty establishing the European Community, the ECB previously submitted to the Council its Recommendation ECB/1998/10 for a Council Regulation (EC) concerning the collection of statistical information by the European Central Bank (2). It is therefore appropriate to follow the same procedure to introduce the proposed amendments to Regulation (EC) No 2533/98.
   2.   COMMENTS ON THE ARTICLES
   Article 1
   General reference to the ESCB tasks
   Article 5.4 of the Statute of the European System of Central Banks and the European Central Bank (hereinafter the ‘ESCB Statute’) provides that the Council defines the natural and legal persons subject to reporting requirements. Article 5.1 of the ESCB Statute and Article 2(1) of Regulation (EC) No 2533/98 provide that the ECB may collect the statistical information necessary to carry out the tasks of the ESCB. Article 2(2) of Regulation (EC) No 2533/98 identifies the reference reporting population from which the ECB collects that statistical information and lists specific statistical purposes for which the information may be collected. However, data are increasingly collected only once and serve multiple statistical purposes, in order to minimise the reporting burden. As a consequence, a one-to-one link between the reference reporting population and specific types of statistics has become ineffective and these provisions need to be amended.
   Notwithstanding this general reference to the ESCB tasks, the ECB recommends providing an indicative list of the statistical purposes for which statistics may be collected from the reference reporting population. These would include the following:

               —

               ‘monetary and financial statistics’: this term is more appropriate than the currently used ‘money and banking statistics’, in view of the integration of financial markets and the increasing complexity of financial instruments,

               —

               ‘payment and payment systems statistics’: replacing ‘payment systems statistics’ in order to clarify that the purposes for which statistics may be collected cover payment data as part of payment systems statistics. Article 105(2) of the Treaty gives the ESCB a mandate to promote the smooth operation of payment systems. In this context, comprehensive information on both the payments infrastructures and the payments carried out via these infrastructures are necessary for ECB policy-making, including the oversight of these market infrastructures,

               —

               ‘balance of payments and international investment position statistics’,

               —

               ‘financial stability statistics’: as Article 105(5) of the Treaty provides that the ESCB contributes to the smooth conduct of policies pursued by the competent authorities relating to the prudential supervision of credit institutions and the stability of the financial system, this may require the collection of macro-prudential statistical data.

         Adjustment of the reference reporting population
   The financial markets are becoming increasingly complex, with steadily growing interlinkages between the financial transactions and balance sheet positions of different types of financial intermediaries, such as monetary financial institutions, insurance corporations and financial vehicle corporations. In turn, this may imply that the ECB requires comparable, frequent and timely statistics for these subsectors, so that it can continue to carry out its tasks. Therefore, the ECB should be able to collect the necessary statistical information if the merits of doing so outweigh the costs and if this information is not already collected by other bodies. As a consequence, the reference reporting population must now comprise the financial corporations sector as a whole. In particular, this must include insurance corporations and pension funds (ICPF), which represent the second largest financial corporations' sub-sector in the euro area in terms of financial assets. In addition, the growing awareness of the financial implications of longevity as well as the general move towards funded pension schemes are likely to substantially increase the importance of the ICPF sub-sector for ECB policy-making. Related to this, these institutions are managing their portfolios much more actively than in the past, which further increases their relevance for monetary policy.
   In addition, financial auxiliaries play an important role in the financial markets and in their interactions with other financial sub-sectors. Therefore, it is important to be able to also collect statistics from these institutions if deemed necessary.
   Finally, in view of the forthcoming amendment to Council Regulation (EC) No 2223/96 of 25 June 1996 on the European system of national and regional accounts in the Community (3), this Regulation could make a dynamic reference to it.
   Transitional arrangements to become permanent
   The reporting of positions across euro area countries and of the related transactions should be allowed on a permanent basis. This is necessary for the compilation of high-quality balance of payments and financial accounts for the euro area. The current legal framework set up this reporting for a transitory period during the early years of the single currency. However, experience shows that such a reporting remains indispensable to overcome constraints in the data collection systems and to minimise the reporting burden.
   Statistical principles
   Regulation (EC) No 2533/98 should refer to the statistical principles that govern the development, production and dissemination of statistics to carry out the ESCB tasks. Both Article 5 of the ESCB Statute and Regulation (EC) No 2533/98 are currently silent on statistical principles, while Article 285(2) of the Treaty, which governs the statistics of the European Statistical System (ESS), explicitly sets out the principles that govern the production of Community statistics (4). Including the ESCB's statistical principles in Regulation (EC) No 2533/98 would clarify that the ESCB's statistical activities are governed by these principles. It would also underline that the European statistical community shares the same fundamental convictions, although it is organised on the basis of two parallel systems and governance structures.
   Confidentiality regime
   Exchange of confidential information within the ESCB
   In order to minimise the reporting burden and to collect data only once, as well as to ensure the high quality of the statistics produced and the proper performance of the ESCB tasks, there is a need to extend the exchange of confidential statistical information within the ESCB. Furthermore, legal clarity is required for the transmission of confidential information between the ECB and the national central banks (NCBs) and between NCBs. To this end, such a transmission of confidential statistical information collected pursuant to Article 5 of the ESCB Statute should be made possible, provided that it is necessary to carry out the ESCB tasks or for the efficient development, production or dissemination of statistics, or for increasing their quality. For the same reason, already available information should be used to the maximum extent, regardless of the purpose for which it was originally collected, while safeguarding its confidentiality if so required. In fact, information becomes statistical information if it is used for the compilation of statistics, irrespective of the purpose for which it was originally collected.
   Exchange of confidential information between the ESCB and the ESS
   An extended exchange of confidential information between the ESCB and the ESS is necessary to minimise the reporting burden or for the efficient development, production or dissemination of European statistics, or for increasing their quality. Such exchange must be organised so as to maintain reporting agents' confidence in the protection of confidential information. Mirroring provisions enabling such exchange of confidential information between the ESS and the ESCB should be embedded in both Regulation (EC) No 2533/98 and the proposed Regulation on European Statistics. The following guiding principles should apply:

               1.

               the exchange of confidential data between the ESCB and the ESS may take place if necessary to minimise the reporting burden or for the efficient development, production or dissemination of European statistics or for increasing their quality;

               2.

               the exchange of confidential data between the ESCB and the ESS should take place for statistical purposes only: that is, exclusively for the compilation of statistics in their respective spheres of competence;

               3.

               confidential data exchanged need to be protected from unlawful disclosure;

               4.

               the ESCB and the ESS should inform reporting agents that they may exchange confidential data;

               5.

               for the sake of clarity, uniform confidentiality protection measures should be applied to the exchange of confidential data between the ESCB and the ESS. These protection measures are laid down in Article 19 of Regulation (EC) No [XX] on European Statistics.

         The proposed legal framework does not affect any agreements at national level on the exchange of confidential statistical information other than information covered in this recommendation.
   The new confidentiality regime aims to mirror the corresponding provisions put forward in ECB Opinion CON/2007/35 of 14 November 2007 at the request of the Council of the European Union on a proposal for a regulation of the European Parliament and of the Council on European Statistics (5), so that the same transmission mechanism is used for the transfer of data from the ESS to the ESCB and for the transfer of data from the ESCB to the ESS.
   Access to non-directly identifiable confidential statistical information for research purposes
   Access to confidential statistical information which does not allow direct identification is increasingly required for research purposes, for example to analyse and understand the developments within sectors and across countries. Currently, the legal framework provides for mainly decentralised access of scientific research bodies to such statistical information at the national level. Therefore, this must be supplemented by an appropriate legal framework at the ESCB level, which allows scientific research bodies to be granted access to such information, while maintaining strict confidentiality safeguards.

      Recommendation for a:

         ‘COUNCIL REGULATION
         amending Regulation (EC) No 2533/98 concerning the collection of statistical information by the European Central Bank
         THE COUNCIL OF THE EUROPEAN UNION,
         Having regard to the Statute of the European System of Central Banks and of the European Central Bank (hereinafter the “Statute”), and in particular to Article 5.4 thereof,
         Having regard to the recommendation of the European Central Bank (ECB),
         Having regard to the opinion of the European Parliament,
         Having regard to the opinion of the Commission,
         Having regard to Regulation (EC) No [XX] of the European Parliament and of the Council on European Statistics,
         Acting in accordance with the procedure laid down in Article 107(6) of the Treaty establishing the European Community and in Article 42 of the Statute,
         Whereas:

                     (1)

                     Council Regulation (EC) No 2533/98 of 23 November 1998 concerning the collection of statistical information by the European Central Bank (6) is a key component in the legal framework supporting the statistical information collection tasks of the ECB assisted by the national central banks. The ECB has consistently relied on it to carry out and monitor the coordinated collection of statistical information necessary to undertake the tasks of the European System of Central Banks (ESCB).

                     (2)

                     In order to maintain Regulation (EC) No 2533/98 as an effective instrument for the ECB to carry out the statistical information collection tasks of the ESCB and to guarantee the continued availability to the ECB of statistical information of the necessary quality and covering the entire range of tasks of the ESCB it is essential to review the scope of the reporting requirements that this Regulation imposes. In this context, attention needs to be paid not only to the performance of the tasks of the ESCB and to its independence, but also to the statistical principles provided in this Regulation.

                     (3)

                     It is necessary to amend Regulation (EC) No 2533/98 to enable the ECB to collect the statistical information needed to undertake the ESCB's tasks conferred by the Statute. In line with this, the purposes for which statistical information may be collected need also to include the compilation of the macro-prudential statistics required for the performance of the ESCB's tasks under Article 105(5) of the Treaty.

                     (4)

                     The scope of the reporting requirements necessary for the performance of the ESCB tasks should also take into account structural financial markets developments and address related statistical information requirements that were less apparent at the time Regulation (EC) No 2533/98 was adopted. For that reason, it is necessary to allow the collection of statistical information from the entire sector of financial corporations, and in particular from the insurance corporations and pension funds, which represent the second largest sub-sector of financial corporations in the euro area in terms of financial assets.

                     (5)

                     In order to allow for the continued compilation of balance of payments statistics of sufficient quality, it is necessary to clarify the reporting requirements imposed in connection with data on all positions and transactions between the residents of participating Member States.

                     (6)

                     Researchers increasingly require access to confidential statistical information which does not allow direct identification to analyse and understand developments within sectors and across countries. Therefore, it is important to allow the ECB and the NCBs to grant to scientific research bodies access to such detailed statistical information at the ESCB level, while maintaining strict confidentiality safeguards.

                     (7)

                     To minimise the reporting burden on reporting agents and to enable the efficient development, production and dissemination of high-quality statistics, and the proper performance of the ESCB tasks, it is necessary to allow the maximum use of existing information to compile statistics, including an exchange of confidential statistical information within the ESCB.

                     (8)

                     Furthermore, it is important to ensure close cooperation between the ESCB and the European Statistical System (ESS), notably to foster exchange of confidential data between the two systems for statistical purposes, in the light of Article 285 of the Treaty and Article 5 of the Statute.

                     (9)

                     European Statistics are and will be developed, produced and disseminated by both the ESCB and the ESS but under separate legal frameworks reflecting their respective governance structures. This Regulation should therefore apply without prejudice to Regulation (EC) No [XX],

               HAS ADOPTED THIS REGULATION:
         Article 1
         Regulation (EC) No 2533/98 is amended as follows:

                     1.

                     Article 1(4) is amended as follows: the words “in Annex A;” are replaced by the words “in Council Regulation (EC) No 2223/96 of 25 June 1996 on the European system of national and regional accounts in the Community;”;

                     2.

                     Article 2 is amended as follows:

                                 (a)

                                 paragraph 1 is replaced by the following:
                                 “1.   For the fulfilment of the ECB's statistical reporting requirements, the ECB, assisted by the national central banks in accordance with Article 5.2 of the Statute, shall have the right to collect statistical information for the development, production and dissemination of European Statistics within the limits of the reference reporting population and of what is necessary to carry out the tasks of the ESCB. In particular, information may be collected to fulfil the ECB's statistical reporting requirements including in the area of monetary and financial statistics, payments and payment systems statistics, financial stability statistics, balance of payments and international investment position statistics.”;

                                 (b)

                                 paragraph 2 is replaced by the following:
                                 “2.   To the extent that the statistical information to be provided is necessary to fulfil the ECB's statistical reporting requirements, the reference reporting population shall comprise the following reporting agents:

                                             (a)

                                             legal and natural persons residing in a Member State and falling within the sector “financial corporations” as defined in the ESA 95;

                                             (b)

                                             post office giro institutions;

                                             (c)

                                             legal and natural persons residing in a Member State, to the extent that they hold cross-border positions or have carried out cross-border transactions;

                                             (d)

                                             legal and natural persons residing in a Member State, to the extent that they have issued securities or electronic money;

                                             (e)

                                             legal and natural persons residing in a participating Member State, to the extent that they hold financial positions vis-à-vis residents of other participating Member States or have carried out financial transactions with residents of other participating Member States.”;

                     3.

                     Article 3 is amended as follows:

                                 (a)

                                 the following sentence is added at the start:
                                 “The principles of impartiality, objectivity, professional independence, cost-effectiveness, statistical confidentiality, alongside the principles of minimisation of reporting burden and high output quality shall govern the development, production and dissemination of statistics by the ESCB.”;

                                 (b)

                                 paragraph (a) is replaced by the following:

                                             “(a)

                                             shall use existing statistics as far as possible.”;

                     4.

                     Article 8 is amended as follows:

                                 (a)

                                 paragraph 2 is replaced by the following:
                                 “2.   Without prejudice to Article 20 of Regulation (EC) No [XX],

                                             (a)

                                             transmission within the ESCB of confidential statistical information that has been collected pursuant to Article 5 of the Statute shall take place: (i) to the extent and at the level of detail necessary for the performance of the tasks of the ESCB under Article 105 of the Treaty; or (ii) provided that such transmission is necessary for the efficient development, production or dissemination of statistics under Article 5 of the Statute or for increasing their quality;

                                             (b)

                                             the Governing Council may decide on the collection and transmission, to the extent and level of detail necessary, within the ESCB of confidential information originally collected for purposes other than those of Article 5 of the Statute, provided that this is necessary for the efficient development or production of statistics or for increasing their quality and that these statistics are necessary for the performance of the tasks of the ESCB under Article 105 of the Treaty.”;

                                 (b)

                                 paragraph 3 is replaced by the following:
                                 “3.   Without prejudice to Regulation (EC) No [XX], reporting agents shall be informed of the statistical and other, administrative, uses, to which statistical information provided by them may be put. Reporting agents shall have the right to obtain information on the legal basis for the transmission and the protective measures adopted.”;

                                 (c)

                                 paragraph 4 is replaced by the following:
                                 “4.   Without prejudice to paragraph 12 of this Article, the ESCB shall use confidential statistical information transmitted to it exclusively for the exercise of the tasks of the ESCB except in any of the following circumstances:

                                             (a)

                                             if the reporting agent or the other legal person, natural person, entity or branch which can be identified, has explicitly given its consent to the use of the said statistical information for other purposes;

                                             (b)

                                             for transmission to the members of the European Statistical System (ESS) in accordance with paragraph 11;

                                             (c)

                                             for granting scientific research bodies access to confidential statistical information which does not allow direct identification, and with the prior explicit consent of the authority which provided the information;

                                             (d)

                                             as regards NCBs, if the said statistical information is used in the field of prudential supervision or for the exercise of functions other than those specified in the Statute, in accordance with Article 14.4 of the Statute.”;

                                 (d)

                                 paragraph 5 is replaced by the following:
                                 “5.   Confidential statistical information may be exchanged within the ESCB in order to grant scientific research bodies access to such information, in accordance with paragraphs 3 and 4(c) of this Article.”;

                                 (e)

                                 paragraph 8 is replaced by the following:
                                 “8.   This Regulation shall apply without prejudice to Directive 95/46/EC and Regulation (EC) No 45/2001 of the European Parliament and of the Council of 18 December 2000 on the protection of individuals with regard to the processing of personal data by the Community institutions and bodies and of the free movement of such data (7).”;

                                 (f)

                                 in paragraph 9, the two last sentences are replaced by the following sentence:
                                 “The ECB shall define common rules and implement minimum standards to prevent unlawful disclosure and unauthorised use of data transmitted under paragraphs 1 and 2.”;

                                 (g)

                                 the following paragraphs 11 to 13 are added:
                                 “11.   Without prejudice to national provisions on the exchange of confidential statistical information other than information covered in this Regulation, the transmission of confidential statistical information between an ESCB member that collected the information and an ESS authority may take place provided that this transmission is necessary for the efficient development, production or dissemination or for increasing the quality of European Statistics within the respective spheres of competence of the ESS and the ESCB. Any transmission beyond the first transmission must be explicitly authorised by the ESCB member that collected the information.
                                 12.   If confidential data are transmitted between an ESS authority and an ESCB member, these data shall be used exclusively for statistical purposes and only be accessible to staff working in statistical activities within their specific domain of work.
                                 13.   The protection measures referred to in Article 19 of Regulation (EC) No [XX] shall apply to all confidential data transmitted between an ESS authority and an ESCB member pursuant to paragraphs 11 and 12 above, and to Article 20(1a) of Regulation (EC) No [XX]. The ECB shall publish an annual confidentiality report on the measures adopted to safeguard the confidentiality of the statistical data.”;

                     5.

                     Annexes A and B are deleted.

               Article 2
         This Regulation shall enter into force on [date].
         This Regulation shall be binding in its entirety and directly applicable in all Member States.’

      Done at Frankfurt am Main, 15 September 2008.

            The President of the ECB

         Jean-Claude TRICHET

      (1)  OJ L 318, 27.11.1998, p. 8.

      (2)  OJ C 246, 6.8.1998, p. 12.

      (3)  OJ L 310, 30.11.1996, p. 1.

      (4)  ‘Community statistics’ form part of ‘European statistics’ referred to in the recitals to Regulation (EC) No [XX] on European Statistics.

      (5)  OJ C 291, 5.12.2007, p. 1.

      (6)  OJ L 318, 27.11.1998, p. 8.

      (7)  OJ L 8, 12.1.2001, p. 1.


Important legal notice

|

52007SC0290

Recommendation for a Council opinion in accordance with the first paragraph of Article 9 of Council Regulation (EC) No 1466/97 of 7 July 1997 on the convergence programme of Bulgaria, 2006-2009  /* SEC/2007/0290 final */

	[pic] | COMMISSION OF THE EUROPEAN COMMUNITIES |Brussels, 7.3.2007SEC(2007) 290 finalRecommendation for aCOUNCIL OPINIONin accordance with the first paragraph of Article 9 of Council Regulation (EC) No 1466/97 of 7 July 1997 on the convergence programme of Bulgaria, 2006-2009(presented by the Commission)EXPLANATORY MEMORANDUM1. GENERAL BACKGROUNDThe Stability and Growth Pact, which entered into force on 1 July 1998, is based on the objective of sound government finances as a means of strengthening the conditions for price stability and for strong sustainable growth conducive to employment creation. The 2005 reform of the Pact acknowledged its usefulness in anchoring fiscal discipline but sought to strengthen its effectiveness and economic underpinnings as well as to safeguard the sustainability of the public finances in the long run.Council Regulation (EC) No 1466/97 on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies[1], which is part of the Stability and Growth Pact, stipulates that Member States have to submit, to the Council and the Commission, stability or convergence programmes and annual updates thereof (Member States that have already adopted the single currency submit (updated) stability programmes and Member States that have not yet adopted it submit (updated) convergence programmes).Bulgaria joined the EU on 1 January 2007 and submitted its first convergence programme on 5 January. In accordance with the Regulation, the Council is to deliver an opinion on it on the basis of a recommendation from the Commission and after having consulted the Economic and Financial Committee (see box for the main points covered by the assessment).2. BACKGROUND FOR THE ASSESSMENT OF THE PROGRAMMEIn order to set the scene against which the budgetary strategy in the convergence programme is assessed, this section summarises the economic and budgetary performance over the last ten years.Bulgaria has achieved a high degree of macroeconomic stability supported by sound public finances. Economic growth has been strong and stable, increasing to around 5½% in recent years, but the GDP per capita (in PPS) remains low at 32.9% of the EU-25 average in 2005. Therefore, the scope for catching up remains ample and represents Bulgaria's overriding challenge for the medium- and long-term. Employment has risen steadily, but while unemployment rates have been reduced considerably, employment rates remain below the EU average. Skills and geographical mismatches hamper labour market flexibility and there are increasing shortages especially in high-skilled segments of the labour market. Emigration and a drop in fertility rates have contributed to a rapid shrinking and ageing of the population. Average growth of labour productivity was fairly low over the period 1996-2005, but increased to close to 4% recently on the back of growing foreign and domestic investment. After the introduction of the currency board in 1997, inflation was reduced to single-digit figures by 1999, but the disinflation process has stalled in recent years. Very high credit growth and increasing external deficits – although related to very high inflows of FDI – have been a cause of concern for macroeconomic stability. A considerable degree of fiscal consolidation has been accomplished by running a general government budget close to balance or in surplus since 1998. The debt-to-GDP ratio has been reduced from over 100% to below 30%. Moreover, some steps have been taken to meet the challenges of demographic change for the pension system.Box: Main points covered by the assessment As required by Article 5(1) (for stability programmes) and Article 9(1) (for convergence programmes) of Council Regulation (EC) No 1466/97, the assessment covers the following points: whether the economic assumptions on which the programme is based are plausible; the medium-term budgetary objective (MTO) presented by the Member State and whether the adjustment path towards it is appropriate; whether measures being taken and/or proposed to respect that adjustment path are sufficient to achieve the MTO over the cycle; when assessing the adjustment path towards the MTO, whether a higher adjustment effort is made in economic good times, whereas the effort may be more limited in economic bad times, and, for euro-area and ERM II Member States, whether the Member State pursues an annual improvement of the cyclically-adjusted balance, net of one-off and other temporary measures, of 0.5% of GDP as a benchmark to meet its MTO; when defining the adjustment path to the MTO (for Member States that have not yet reached it) or allowing a temporary deviation from the MTO (for Member States that have), the implementation of major structural reforms which have direct long-term cost-saving effects (including by raising potential growth) and therefore a verifiable impact on the long-term sustainability of public finances (subject to the condition that an appropriate safety margin with respect to the 3% of GDP reference value is preserved and that the budgetary position is expected to return to the MTO within the programme period), with special attention for pension reforms introducing a multi-pillar system that includes a mandatory, fully-funded pillar; whether the economic policies of the Member State are consistent with the broad economic policy guidelines. The plausibility of the programme’s macroeconomic assumptions is assessed by reference to the Commission services’ autumn 2006 forecast, using also the commonly agreed methodology for the estimation of potential output and cyclically-adjusted balances. The assessment of consistency with the broad economic policy guidelines is made against the broad economic policy guidelines in the area of public finances as included in the integrated guidelines for the period 2005-2008. The assessment also examines: the evolution of the debt ratio and the outlook for the long-term sustainability of the public finances, which should be given “sufficient attention in the surveillance of budgetary positions” according to the Council report of 20 March 2005 on “Improving the implementation of the Stability and Growth Pact”. A Commission Communication of 12 October 2006 sets out the approach to the assessment of long-term sustainability[2]; compliance with the code of conduct[3], which inter alia prescribes a common structure and set of data tables for the stability and convergence programmes. |-  Recommendation for aCOUNCIL OPINIONin accordance with the first paragraph of Article 9 of Council Regulation (EC) No 1466/97 of 7 July 1997 on the convergence programme of Bulgaria, 2006-2009THE COUNCIL OF THE EUROPEAN UNION,Having regard to the Treaty establishing the European Community,Having regard to Council Regulation (EC) No 1466/97 of 7 July 1997 on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies[4], and in particular Article 9(1) thereof,Having regard to the recommendation of the Commission,After consulting the Economic and Financial Committee,HAS DELIVERED THIS OPINION:1.  On [27 March 2007] the Council examined the convergence programme of Bulgaria, which covers the period 2006 to 2009.2.  Bulgaria has achieved a high degree of macroeconomic stability supported by sound public finances. Economic growth has been strong and stable, increasing to around 5½% in recent years, but the GDP per capita (in PPS) remains low at 32.9% of the EU-25 average in 2005. Therefore, the scope for catching up remains ample and represents Bulgaria's overriding challenge for the medium- and long-term. After the introduction of the currency board in 1997, inflation was reduced to single-digit figures by 1999, but the disinflation process has stalled in recent years, and CPI inflation reached 7.3% in 2006.3.  The macroeconomic scenario underlying the programme envisages that real GDP growth will remain at a high level, slightly increasing from 5.9% in 2006 to 6.1% on average over the rest of the programme period. Assessed against currently available information, this scenario appears to be based on plausible growth assumptions. However, high external imbalances continue to be a risk factor in the medium term, in particular as the external deficit in 2006 turned out higher than projected at 16% of GDP instead of 14.1% of GDP, although the financing of the deficit has been fully ensured through FDI inflows. The programme’s projections for inflation appear realistic.4.  For 2006, the general government surplus is estimated at 3.3% of GDP in the Commission services’ autumn 2006 forecast, against a target of a balanced budget set in the December 2005 pre-accession economic programme (PEP) and a projected surplus of 3.2% of GDP in the Convergence Programme. The substantially better budgetary outcome is mainly the result of higher than projected revenues due to conservative revenue forecasts in the PEP, higher output growth, and improved revenue collection. Compared to the PEP projections, expenditures are also lower by 1% of GDP, reflecting mainly lower current expenditures.5.  The medium-term budgetary strategy laid down in the convergence programme aims at maintaining a general government surplus in the range of 0.8-1.5% of GDP in order to safeguard macroeconomic stability and sustainability of public finances. A strong fiscal loosening is projected in 2007, with the budgetary surplus attaining 0.8% of GDP, down from 3.2% of GDP in 2006. In 2008 and 2009, the general government surplus would rise again and stabilise at 1.5% of GDP. With interest expenditures declining by around ¼% of GDP over the programme period, the primary surplus is projected to decline from 4½% of GDP in 2006 to 2¼% of GDP in 2007 before reverting to around 2¾% of GDP in 2008 and 2009. The fiscal loosening in 2007 would be almost exclusively expenditure-driven. Expenditures are projected to increase by 2¾% of GDP, with only part of this increase, about ¾% of GDP, being reversed in 2008. The projected increase in expenditures in 2007 would come mainly from ‘other expenditures’ (+2½% of GDP) and subsidies (+½% of GDP). The increase in ‘other expenditures’ reflects Bulgaria’s contribution to the EU (1¼% of GDP), an increase in expenditures on EU Structural Fund projects (¼ % of GDP), which would be fully covered by higher revenues from EU grants, and an increase in ‘other current expenditure’ (1% of GDP). Planned reductions in corporate and personal income taxes in 2007 are projected to be almost fully compensated by improved compliance and tax collection rates. Consequently, total revenues would remain almost constant (as a percent of GDP) over the programme period. The programme also indicates that although the budget for 2007 envisages a general government surplus of 0.8% of GDP, a higher surplus of 2% of GDP would actually be targeted during budget execution. This would be done on the basis of provisions in the Budget Law, which allow the spending of 10% of the budgeted current primary expenditures only in case that the external deficit does not widen further. Budgetary targets have been revised considerably upwards compared to the 2005 pre-accession economic programme, reflecting substantial revenue over-performance in 2006 with carry-over effects in subsequent years and a slightly more favourable outlook for output growth.6.  The structural balance (i.e. the cyclically-adjusted balance net of one-off and other temporary measures) calculated according to the commonly agreed methodology is planned to decrease from around 3¼% of GDP in 2006 to 1% in 2007 and then to increase again to around 2% of GDP in 2008 and 2009. If a higher nominal surplus of 2% of GDP is achieved in 2007 during the budget execution, as outlined as a target in the programme, the adjustment path would be smoother. The medium-term objective (MTO) for the budgetary position presented in the programme is a balanced budget in structural terms, which it plans to maintain by a large margin throughout the programme period. As the MTO is more demanding than the minimum benchmark (estimated at a deficit of around 1¼% of GDP), achieving it should fulfil the aim of providing a safety margin against the occurrence of an excessive deficit. The MTO is more demanding than implied by the debt ratio and average potential output growth in the long term.7.  The budgetary outcome in 2007 could be better than projected in the programme, while in 2008 and 2009 the risks to the budgetary projections appear broadly balanced. In view of the good track record with respect to the achievement of budgetary targets and provisions in the 2007 Budget Law for limiting expenditures during budget execution, a higher surplus for 2007 appears to be realistic even though revenue projections for 2007 could entail certain downside risks as revenue shortfalls from tax reductions may not be fully compensated by improved compliance and collection rates. Although no details are given on the adjustment strategy from 2008 onwards, the budgetary targets until the end of the programme period appear to be broadly plausible, provided that a better than currently projected budgetary outcome in 2007 is realised.8.  In view of this risk assessment, the budgetary stance in the programme implies that the MTO is maintained by a large margin throughout the programme period. In addition, it provides a sufficient safety margin against breaching the 3% of GDP deficit threshold with normal macroeconomic fluctuations throughout the programme period. The fiscal policy stance implied by the programme could turn out to be pro-cyclical in good times in 2007. This would not be fully in line with the Stability and Growth Pact. In particular, good times are expected to occur in 2007, when the structural balance is planned to decline by around 2¼% of GDP according to the programme and by 1½% according to the Commission services’ autumn 2006 forecast.9.  Government gross debt is estimated to have reached 25¼% of GDP in 2006, well below the 60% of GDP Treaty reference value. The programme projects the debt ratio to decline by 4 percentage points over the programme period.10.  In the absence of the long-term projections of age-related expenditures, based on the common macroeconomic assumptions as carried out by the EPC/Commission, it is not possible to assess the impact of population ageing in Bulgaria on a comparable and robust basis as it is currently done for the other Member States, for which the projections on this basis are available. However, a significant impact of ageing on expenditures cannot be excluded given the current demographic structure. The initial budgetary position, with a large structural surplus, contributes significantly to stabilise debt before considering the long-term budgetary impact of ageing. Maintaining high primary surpluses over the medium-term would contribute to containing risks to the sustainability of public finances.11.  The budgetary strategy in the programme is partly consistent with the broad economic policy guidelines included in the integrated guidelines for the period 2005-2008. In particular, the fiscal policy stance in 2007 is programmed to be pro-cyclical in good times and risks aggravating the already high external deficit. In addition, while steps to improve the long-term sustainability of the pension system have been taken, very few concrete measures to improve the efficiency of public spending, in particular as regards healthcare expenditures, where there are recurrent problems with the monitoring and control of expenditures and the quality of the services provided, are presented.12.  As regards the data requirements specified in the code of conduct for stability and convergence programmes, the programme has some gaps in the required and optional data[5].The overall conclusion is that the medium-term budgetary position is sound and the budgetary strategy provides an example of fiscal policies conducted in compliance with the Stability and Growth Pact. However, the planned reduction in the budget surplus during economic good times in 2007 could turn out to imply a pro-cyclical fiscal stance and could add to existing external imbalances.In view of the above assessment, Bulgaria is invited to:(i) achieve a higher budgetary surplus in 2007 than currently planned and to maintain a strong position thereafter in order to foster macroeconomic stability and to contain the high external deficit;(ii) to further strengthen the efficiency of public spending, in particular through a reform of the healthcare system.Comparison of key macroeconomic and budgetary projections 12 Commission services calculations on the basis of the information in the programme. |3 Cyclically-adjusted balance (as in the previous rows) excluding one-off and other temporary measures. |4 There are no one-off and other temporary measures in the programme. |5 There are no one-off and other temporary measures in the Commission services’ autumn 2006 forecast. |6 Based on estimated potential growth of 5.8%, 6.3%, 6.4% and 6.7% respectively in the period 2005-2008. |[1] OJ L 209, 2.8.1997, p. 1. Regulation as amended by Regulation (EC) No 1055/2005 (OJ L 174, 7.7.2005, p. 1). All the documents referred to in this text can be found at the following website:http://europa.eu.int/comm/economy_finance/about/activities/sgp/main_en.htm[2] Communication from the Commission to the Council and the European Parliament, “The long-term sustainability of public finances in the EU” - COM(2006) 574, 12.10.2006 - and European Commission, Directorate-General for Economic and Financial Affairs (2006), “The long-term sustainability of public finances in the European Union”, European Economy No 4/2006.[3] “Specifications on the implementation of the Stability and Growth Pact and guidelines on the format and content of stability and convergence programmes”, endorsed by the ECOFIN Council of 11 October 2005.[4] OJ L 209, 2.8.1997, p. 1. Regulation as amended by Regulation (EC) No 1055/2005 (OJ L 174, 7.7.2005, p. 1). The documents referred to in this text can be found at the following website:http://europa.eu.int/comm/economy_finance/about/activities/sgp/main_en.htm[5] In particular, the labour market data on hours worked and some information on long-term sustainability are not provided.


title: Recommendation for a Council opinion in accordance with the third paragraph of Article 9 of Council Regulation (EC) No 1466/97 of 7 July 1997 on the updated convergence programme of Denmark, 2001-2005

text: ---pagebreak---  ---pagebreak---  ---pagebreak---  ---pagebreak---  ---pagebreak---


title: Commission Recommendation of 11 August 2006 on containment programmes to limit the further spread of Diabrotica virgifera Le Conte in Community areas where its presence is confirmed

text:
               17.8.2006

               EN

               Official Journal of the European Union

               L 225/30

      COMMISSION RECOMMENDATION

   of 11 August 2006
   on containment programmes to limit the further spread of Diabrotica virgifera Le Conte in Community areas where its presence is confirmed
   (2006/565/EC)
   THE COMMISSION OF THE EUROPEAN COMMUNITIES,
   Having regard to the Treaty establishing the European Community, and in particular the second indent of Article 211 thereof,
   Whereas:

               (1)

               Commission Decision 2003/766/EC of 24 October 2003 on emergency measures to prevent the spread within the Community of Diabrotica virgifera Le Conte (1) (the organism) provides for restrictions on growing maize in areas that were previously known to be free from the organism but where the organism has been found, as well as in areas where the organism is already established.

               (2)

               According to Article 4a(2) of Decision 2003/766/EC, Member States can organise containment programmes on a yearly basis in the infested zones and their vicinity to limit the spread of the organism from the infested zones into areas that are free from the organism.

               (3)

               In order to facilitate a coordinated approach for those containment programmes, technical guidance should be provided.

               (4)

               The containment programmes should be based on sound scientific principles, the biology of the organism, the level of the infestation and the particular production system of maize in the Member State concerned.

               (5)

               In developing the technical guidance, account has been taken of the work and the experiences of the responsible official bodies in the Member States as regards the control of the organism.

               (6)

               The technical guidance provided for in this Recommendation is in accordance with the opinion of the Standing Committee on Plant Health,

         HEREBY RECOMMENDS:

               1.

               The exact delimitation of infested zones referred to in Article 4a(1) of Decision 2003/766/EC should be based on sound scientific principles, the biology of the organism, the level of the infestation, and the particular production system of maize in the Member State concerned.
               The delimitation of infested zones should be reviewed when, in at least two consecutive years, similar results as regards the absence or presence of the organism have been obtained in the surveys referred to in Article 2 of Decision 2003/766/EC.

               2.

               For the purpose of the implementation of the containment programmes referred to in Article 4a(2) of Decision 2003/766/EC, Member States should take account of the following principles:

                           (a)

                           Measures to limit the spread of the organism from the infested zones into areas that are free from the organism (containment measures). They should be established in a zone (containment zone) which should extend for at least 10 km within the infested zone and at least 30 km into the non-infested zone.
                           In the containment zone, Member States should ensure that in the maize fields:

                                       —

                                       crop rotation is organised in such a way that maize is grown not more than once during any period of two consecutive years, or

                                       —

                                       crop rotation takes place in such a way that maize can be grown twice in any period of three consecutive years and, linked to a local prediction system for the development of the organism, at least one of these maize crops is sown only after the emergence of the larvae, or

                                       —

                                       crop rotation takes place in such a way that maize can be grown twice in any period of three consecutive years, each time in combination with efficient insecticide treatments against adults or any other measures or treatments resulting in a similar level of control of the organism.

                           (b)

                           Measures, based upon area-wide pest management in the rest of the infested zone, to mitigate the possibilities for the further spread of the organism and to ensure a sustainable production of maize (suppression measures).

                           (c)

                           The presence of the organism in the non-infested part of the containment zone should be monitored intensively using appropriate sex pheromone traps, taking into account the local circumstances and the characteristics of the containment zone.

      Done at Brussels, 11 August 2006.

            For the Commission

         Markos KYPRIANOU

            Member of the Commission

      (1)  OJ L 275, 25.10.2003, p. 49. Decision as amended by Decision 2006/564/EC (see page 28 of this Official Journal).


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52004SC0808

Recommendation for a Council opinion in accordance with the third paragraph of Art. 9 of Council Regulation (EC) No 1466/97 of 7 July 1997 on the convergence programme of Malta, 2004-2007  /* SEC/2004/0808 final */

Recommendation for a COUNCIL OPINION in accordance with the third paragraph of Art. 9 of Council Regulation (EC) No 1466/97 of 7 July 1997 on the convergence programme of Malta, 2004-2007(presented by the Commission)EXPLANATORY MEMORANDUMCouncil Regulation (EC) No 1466/97 on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies [1] stipulates that non-participating Member States, that is, those which have not adopted the single currency, have to submit convergence programmes to the Council and the Commission for the purpose of multilateral surveillance at regular intervals under Article 99 of the Treaty.[1]  OJ L209, 2.8.1997. All the documents referred to in this text can be found at the following websitehttp://europa.eu.int/comm/economy_finance/about/activities/sgp/main_en.htmIn accordance with Article 9 of this Regulation, the Council has to examine each convergence programme based on assessments prepared by the Commission and the Committee set up by Article 114 of the Treaty (the Economic and Financial Committee). On the basis of a recommendation from the Commission and after consulting the Economic and Financial Committee, the Council is required to deliver an opinion, following its examination of the programme. According to the Regulation, Member States need to submit annual updates of their convergence programmes, which may also be examined by the Council in accordance with these same procedures.The ten countries that joined the EU on 1 May 2004 have a derogation and thus do not yet participate in the single currency. They committed themselves to submitting their convergence programmes by 15 May 2004 and a first update thereof towards the end of 2004.The first Maltese convergence programme covering the period 2004-2007 was submitted on 21 May 2004. The Commission services have carried out a technical evaluation of this programme, taking into account the results of the Spring 2004 forecasts and having regard to the "code of conduct on the content and format of stability and convergence programmes" [2] and the principles laid down in the Communication from the Commission to the Council and the European Parliament of 27 November 2002 on strengthening the co-ordination of budgetary policies [3]. This evaluation warrants the following assessment:[2]  Revised Opinion of the Economic and Financial Committee on the content and format of stability and convergence programmes, endorsed by the ECOFIN Council on 10.7.2001.[3]  COM (2002) 668 final, 27.11.2002.The first Maltese convergence programme covering the period 2004-2007 on 21 May 2004.The programme indicates the intention to move to the final stage of EMU as soon as the country complies with the convergence criteria. The programme aims to achieve a sustainable economic growth and a high and stable level of employment to prompt real convergence. To this end, the policy strategy builds on restoring fiscal balances to sustainable levels in the medium term and to ensure stability in the external sector.The convergence programme complies only partly with the data requirements of the Code of Conduct. In particular, the statistical information does not entirely adhere to ESA95 standards. GDP and its components are calculated in accordance to the System of National Accounts 1993 (SNA 1993), while fiscal ratios are based on the ESA95 nominal GDP. Therefore, comparability between different parts of the programme is not fully ensured.The general government deficit increased to 6.5% of GDP in 2003 (excluding a 3.2% of GDP due to one-off operation), above the 3% of GDP Treaty reference value, while the debt ratio increased to 72.0% of GDP, above the 60% of GDP Treaty reference value. The Commission initiated the excessive deficit procedure for Malta on 12 May 2004, with the adoption of a report in accordance with Article 104(3) of the Treaty. The Economic and Financial Committee issued its opinion on the Commission's report on 25 May. On 5 July 2004, the Council is expected, on the basis of two Commission recommendations, to decide that an excessive deficit exists in Malta and to make recommendations to Malta to bring this situation to an end.The convergence programme presents a significant revision of the SNA93 real GDP growth rate for 2003. In contrast with an estimated real growth rate of 0.4% projected in the Commission 2004 Spring forecast, the programme presents a fall of GDP in real terms of 1.7%. According to the programme, the contraction in 2003 is due to an unexpected fall of exports by 2.2% in real terms coupled with an increase of 6.4% in total imports also in real terms. Private consumption rose only by 0.3%, while, as consequence of a strong fiscal expansion, government consumption increased by 6.0%. Gross fixed capital formation grew by 21.2%. However, such a large increase actually reflects the low level of investment in 2002, when the Maltese government sold an aircraft. In parallel with the strong fall in activity, employment declined by 0.8%. The inflation rate dropped to 1.3% in 2003, due to subdued domestic demand and a low pass-through of the Maltese lira depreciation against the euro. Following the sharp revision of the real GDP growth rate for 2003, the medium-term scenario outlined by the programme for 2004 and 2005 is somewhat more cautious than the Commission 2004 spring forecast.The government of Malta is committed to achieve a sound public finance position in the medium term. The general government deficit should decrease from 5.2% of GDP in 2004 to 2.3% of GDP in 2006 and 1.4% in 2007, well below the 3% reference value but still inconsistent with a close-to-balance budgetary position. The strategy spelled out in the programme is based on spending control and rationalisation, complemented on the revenue side by improving tax administration in order to avoid tax evasion. A part of the adjustment is expected to come from higher nominal GDP growth. It is worth noticing that while the adjustment path seems to be consistent with the projected nominal GDP growth rates, calculated on the basis of SNA93, nominal GDP growth rates, on the basis of in ESA95, appear somewhat overestimated, which could lead to an underestimation of the deficit-to-GDP ratio.The budgetary targets in the convergence programme are somewhat more ambitious than those in the 2003 pre-accession economic programme (PEP), which was based on a slightly more favourable growth scenario. While the PEP projected a general government deficit still above the 3% of GDP reference value in 2006 at 3.4% of GDP, the corresponding figure in the convergence programme is 1.1 percentage points lower at 2.3% of GDP, which would imply the a correction of the excessive deficit by 2006.Over the programme period, overall revenues are projected to decline from 45.3% of GDP in 2004 to 43.0% of GDP in 2007, while public expenditures would decrease from 50.5% of GDP in 2004 to 44.4% in 2007. The adjustment will fall on both current and capital expenditures. Current expenditure would be reduced by 3 percentage points of GDP, from 39% of GDP in 2004 to 36% of GDP in 2007. Although capital expenditures would be cut by almost 40% between 2004 and 2007, at 4.1% of GDP the target by the end of the period is still expected to remain well above the EU average. This sharp reduction of expenditures is the basis for the significant improvement projected in the primary balance, from a deficit of 1.4% of GDP in 2004 into a surplus of 2.2% in 2007.The programme considers alternative assumptions on interest rates and on external demand and assesses their impacts on budgetary targets. A percentage point increase in interest rates between 2004 and 2007 is estimated to have a marginal impact on both growth (0.1%) and deficit (0.3% of GDP). However, an additional percentage point in the growth rate of external demand would improve the deficit by 0.4% at the end of the programme period.Government gross debt increased by more than 10 percentage points of GDP in 2003, which pushed the debt ratio to 72.0% of GDP from 61.7% the year before. This increase is to a large extent attributable to the budgetary costs associated with the restructuring of the shipyards. According to the programme, the debt-to-GDP ratio should remain broadly constant in 2004 and 2005and are expected to decline to just over 70% in 2006 and 2007. These programme projections for 2004 and 2005 contrast with the more cautious scenario presented in the Commission's 2004 Spring forecast [4], where the debt ratio is expected to further deteriorate by almost 4 percentage points of GDP until 2005. This difference is explained by a higher primary deficit in 2004 and larger stock flow adjustment in 2004 and 2005. The decreasing debt-to-GDP ratio presented in the programme over the years 2006 and 2007 is explained by a rising primary surplus and an increasing contribution of the nominal GDP growth. In addition, the programme foresees a reduction of about 2 percentage points of GDP brought about by privatization receipts between 2004 and 2006.[4]  The Commission forecast is done on a no-policy change basis for 2004 and 2005.Albeit not in detail, the programme refers to the government's structural reform plans including the privatization and restructuring of public enterprises. However, there is not yet an agreement on the reform of the healthcare and pension systems. The budgetary impact of this reform agenda is not spelled out in the programme.Malta faces risks of budgetary imbalances in meeting the projected costs of an ageing population. Securing an adequate primary surplus in the medium term together with the implementation of further measures to stem the rise of age-related expenditures, particularly concerning healthcare, is essential to place public finances on a sustainable footing.Table : Comparison of key macroeconomic and budgetary projections>TABLE POSITION>Based on this assessment, the Commission has adopted the attached recommendation for a Council Opinion on the convergence programme of Malta and is forwarding it to the Council.Recommendation for a COUNCIL OPINION in accordance with the third paragraph of Art. 9 of Council Regulation (EC) No 1466/97 of 7 July 1997 on the convergence programme of Malta, 2004-2007THE COUNCIL OF THE EUROPEAN UNION,Having regard to the Treaty establishing the European Community,Having regard to Council Regulation (EC) No 1466/97 of 7 July 1997 on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies [5], and in particular Article 9(3) thereof,[5]  OJ L209, 2.8.1997, p. 1. The documents referred to in this text can be found at the following websitehttp://europa.eu.int/comm/economy_finance/about/activities/sgp/main_en.htmHaving regard to the recommendation of the Commission,After consulting the Economic and Financial Committee,HAS DELIVERED THIS OPINION:On [5 July] 2004 the Council examined the convergence programme of Malta, which covers the period 2004 to 2007. The programme complies only partly with the data requirements of the revised "code of conduct on the content and format of stability and convergence programmes". In particular, data for GDP and its components are not yet fully in line with ESA95 standards. This hampers comparability across different parts of the programme.The budgetary strategy underlying the programme aims at reducing the general government deficit to below 3% of GDP already by 2006, with the following intermediate targets: 5.2% of GDP in 2004, 3.7% of GDP in 2005 and 2.3% of GDP in 2006 to reach 1.4% at the end of the period programme. The programme projects a significant improvement in the primary balance, which is expected to turn from a deficit of 1.4% of GDP in 2004 to a surplus of 2.2% in 2007. In parallel, the programme envisages reversing the upward trend of the debt-to-GDP ratio in 2005 to reach 70.4% at the end of the programme period.The budgetary strategy is underpinned by a package of measures aiming at controlling and rationalising spending and, on the revenue side, at avoiding tax evasion. In particular, on the expenditures side, current spending is projected to be cut by 3 percentage points of GDP, through the contention of the growth of public wages and the progressive phasing out of subsidies to the shipyard industry. Capital expenditures are also expected to fall by more than 2.5 percentage points of GDP over the programme period. However, public investment will still remain above 4% of GDP.On the basis of currently available information, the macro-economic scenario underlying the programme seems to reflect plausible growth assumptions. However, it is subject to a certain degree of uncertainty given a possible overestimation of the nominal ESA95 GDP and the exposure to external shocks of the Maltese economy.Although the programme foresees the reduction of the deficit below the 3% reference value in 2006, to further fall thereafter, these targets are not consistent with a position of close-to-balance during the programme period.The consolidation path is somewhat ambitious, although it seems to be within reach, given the room for manoeuvre provided by the termination of some investment projects. The potential implications of the recent revision of the real GDP growth figure for 2003 also add some downward risks. Therefore, the budgetary stance in the programme may not be sufficient to reduce the deficit to below the 3% of GDP deficit threshold by 2006. In addition, the evolution of the debt ratio is likely to be less favourable than projected given such downward risks.Malta faces risks of budgetary imbalances in meeting the projected costs of an ageing population. Securing an adequate primary surplus in the medium term together with the implementation of further measures to stem the rise of age-related expenditures, particularly concerning healthcare, is essential to place public finances on a sustainable footing.On [5 July] 2004, on the basis of recommendations from the Commission, the Council decided that an excessive deficit existed in Malta in accordance with Article 104(6) of the Treaty and made recommendations under Article 104(7) to Malta with a view to bringing that situation to an end, in which the Council expresses its policy advice.Key projections from the convergence programme of Malta>TABLE POSITION>


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32001H0205

Council Recommendation of 12 March 2001 concerning the discharge to be given to the Commission in respect of the implementation of the operations of the European Development Fund (1984) (Sixth EDF) for the financial year 1999

Official Journal L 073 , 15/03/2001 P. 0035 - 0035

Council Recommendationof 12 March 2001concerning the discharge to be given to the Commission in respect of the implementation of the operations of the European Development Fund (1984) (Sixth EDF) for the financial year 1999(2001/205/EC)THE COUNCIL OF THE EUROPEAN UNION,Having regard to the Treaty establishing the European Community,Having regard to the Third ACP-EEC Convention, signed at Lomé on 8 December 1984,Having regard to Council Decision 86/283/EEC of 30 June 1986 on the association of the overseas countries and territories with the European Economic Community(1),Having regard to the Internal Agreement on the financing and administration of Community aid(2), signed in Brussels on 19 February 1985, as amended by Decision 86/281/EEC(3), and in particular Article 29(3) thereof,Having regard to the Financial Regulation of 11 November 1986 applicable to the Sixth European Development Fund(4), and in particular Articles 66 to 73 thereof,Having examined the revenue and expenditure account and the balance sheet relating to the operations of the European Development Fund (1984) (Sixth EDF) as at 31 December 1999 and the Court of Auditors' report relating to the financial year 1999 together with the Commission's replies(5),Whereas:Pursuant to Article 29(3) of the Internal Agreement, the discharge for the management of the European Development Fund (1984) (Sixth EDF) must be given to the Commission by the European Parliament on a recommendation from the Council.The overall implementation by the Commission of the operations of the European Development Fund (1984) (Sixth EDF) during the financial year 1999 has been satisfactory,HEREBY RECOMMENDS that the European Parliament give the Commission a discharge in respect of the implementation of the operations of the European Development Fund (1984) (Sixth EDF) for the financial year 1999.Done at Brussels, 12 March 2001.For the CouncilThe PresidentB. Ringholm(1) OJ L 175, 1.7.1986, p. 1.(2) OJ L 86, 31.3.1986, p. 210.(3) OJ L 178, 2.7.1986, p. 13.(4) OJ L 325, 20.11.1986, p. 42.(5) OJ C 342, 1.12.2000, p. 205.


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31979K0496

Commission Recommendation No 496/79/ECSC of 13 March 1979 imposing a provisional anti-dumping duty on iron or steel coils for re-rolling originating in Greece

Official Journal L 065 , 15/03/1979 P. 0016 - 0017

****( 1 ) OJ NO L 114 , 5 . 5 . 1977 , P . 6 .  ( 2 ) OJ NO L 352 , 31 . 12 . 1977 , P . 13 .  ( 3 ) OJ NO L 21 , 30 . 1 . 1979 , P . 14 .  ( 4 ) SEE COMMISSION PUBLICATION OF 31 DECEMBER 1977 CONCERNING THE BASIC PRICE OF CERTAIN STEEL PRODUCTS ( OJ NO L 353 , 31 . 12 . 1977 , P . 1 ), AS AMENDED BY PUBLICATIONS OF 1 APRIL 1978 ( OJ NO L 87 , 1 . 4 . 1978 , P . 4 ), 13 MAY 1978 ( OJ NO L 126 , 13 . 5 . 1978 , P . 5 ), 5 JULY 1978 ( OJ NO L 183 , 5 . 7 . 1978 , P . 3 ) AND 30 DECEMBER 1978 ( OJ NO L 372 , 30 . 12 . 1978 , P . 2 ).  ( 5 ) OJ NO C 311 , 29 . 12 . 1978 , P . 4 .  ( 6 ) OJ NO C 19 , 24 . 1 . 1979 , P . 10 .    COMMISSION RECOMMENDATION NO 496/79/ECSC   OF 13 MARCH 1979   IMPOSING A PROVISIONAL ANTI-DUMPING DUTY ON IRON OR STEEL COILS FOR RE-ROLLING ORIGINATING IN GREECE   THE COMMISSION OF THE EUROPEAN   COMMUNITIES ,   HAVING REGARD TO THE TREATY ESTABLISHING THE EUROPEAN COAL AND STEEL COMMUNITY , AND IN PARTICULAR ARTICLES 74 AND 86 THEREOF ,   HAVING REGARD TO COMMISSION RECOMMENDATION 77/329/ECSC ON PROTECTION AGAINST DUMPING OR THE GRANTING OF BOUNTIES OR SUBSIDIES BY COUNTRIES WHICH ARE NOT MEMBERS OF THE EUROPEAN COAL AND STEEL COMMUNITY ( 1 ), AS AMENDED BY RECOMMENDATIONS NO 3004/77/ECSC ( 2 ) AND NO 158/79/ECSC ( 3 ), AND IN PARTICULAR ARTICLES 15 AND 19 THEREOF ,   HAVING HEARD THE OPINIONS EXPRESSED WITHIN THE ADVISORY COMMITTEE PROVIDED FOR BY RECOMMENDATION 77/329/EESC ,   WHEREAS THE COMMUNITY HAS PUBLISHED BASIC PRICES ( 4 ) ESTABLISHED ON THE BASIS OF THE LOWEST NORMAL PRICES OR NORMAL COSTS OF PRODUCTION IN THE SUPPLYING COUNTRY OR COUNTRIES WHERE NORMAL CONDITIONS OF COMPETITION PREVAIL AND INCLUDING THE COSTS OF TRANSPORT , INSURANCE AND CUSTOMS DUTIES ;   WHEREAS COMMUNITY PRODUCERS HAVE REFERRED A COMPLAINT TO THE COMMISSION WHO , HAVING ASCERTAINED THAT THERE WAS UNDERCUTTING OF THESE BASIC PRICES ON THE PART OF EXPORTERS FROM GREECE AND FROM OTHER SUPPLYING COUNTRIES OF THE PRODUCTS MENTIONED IN ARTICLE 1 OF THIS RECOMMENDATION FROM WHICH MATERIAL INJURY HAS RESULTED , HAS OPENED ANTI-DUMPING PROCEDURES CONCERNING THE PRODUCTS IN QUESTION ORIGINATING IN GREECE ( 5 ) AND THE PRINCIPAL SUPPLYING COUNTRIES ( 6 );   WHEREAS THE PRINCIPAL SUPPLIERS OTHER THAN THOSE OF GREEK ORIGIN HAVE EITHER CONCLUDED ARRANGEMENTS WITH THE COMMUNITY WITH RESPECT TO TRADE IN STEEL PRODUCTS , OR HAVE BEEN SUBJECTED TO THE IMPOSITION OF ANTI-DUMPING DUTIES ;   WHEREAS , THE COMMISSION HAS ASCERTAINED THAT THE PRICES OF IMPORTS INTO THE COMMUNITY OF PRODUCTS IN QUESTION ORIGINATING IN GREECE ARE BELOW THE BASIC PRICES PUBLISHED BY THE COMMISSION FOR THESE SAME PRODUCTS ; WHEREAS IT THUS APPEARS FROM A PRELIMINARY EXAMINATION THAT DUMPING EXISTS ;   WHEREAS , WITH REGARD TO THE INJURY TO THE INDUSTRY CONCERNED , THE EVIDENCE SUBMITTED TO THE COMMISSION SHOWS THAT , ON THE ONE HAND , THE IMPORTS INTO THE COMMUNITY OF THE PRODUCTS IN QUESTION HAVE INCREASED OVERALL FROM 1 180 000 TONNES IN 1974 TO 772 000 TONNES IN THE FIRST HALF OF 1978 , WHILE THE IMPORTS ORIGINATING IN GREECE , JAPAN , AUSTRIA , AUSTRALIA , BULGARIA , SOUTH AFRICA , SOUTH KOREA , CZECHOSLOVAKIA , HUNGARY , ROMANIA , POLAND AND FINLAND HAVE DECREASED FROM APPROXIMATELY 882 000 TO 582 000 TONNES DURING THE SAME PERIOD ; WHEREAS OVERALL IMPORTS INTO THE COMMUNITY HAVE THUS ACHIEVED A MARKET SHARE OF 12 % AND THE IMPORTS ORIGINATING IN GREECE AND THE OTHER ABOVEMENTIONED COUNTRIES A MARKET SHARE OF 9 % ; WHEREAS THE PENETRATION OF THE COMMUNITY MARKET BY GREEK IMPORTS HAS SHARPLY INCREASED ; WHEREAS , AS REGARDS ITALY , WHOSE PRODUCTION REPRESENTS A MAJOR PROPORTION OF COMMUNITY PRODUCTION , IT HAS INCREASED FROM 0.2 % IN 1974 TO APPROXIMATELY 4.5 % IN 1978 ; WHEREAS , ON THE OTHER HAND , THE COMMUNITY STEEL INDUSTRY IS IN A STATE OF CRISIS CHARACTERIZED BY THE NUMBER OF EMPLOYEES AFFECTED BY REDUNDANCIES AND SHORT-TIME WORKING IN THE FIRMS CONCERNED WHICH HAS INCREASED TO 780 000 FROM 675 000 BETWEEN 1974 AND 1978 AND , FINALLY , THE STEEL INDUSTRY SHOWED REDUCED PROFITS OR SERIOUS LOSSES IN MOST OF THE FIRMS CONCERNED ;   WHEREAS , THE PRICES OF IMPORTS INTO THE COMMUNITY OF PRODUCTS WHICH ORIGINATE IN GREECE ARE CONSIDERABLY LOWER THAN THE MINIMUM PRICES INTRODUCED BY THE COMMISSION FOR SALES WITHIN THE COMMUNITY OF THESE STEEL PRODUCTS MADE BY THE EUROPEAN INDUSTRY ; WHEREAS THIS UNDERCUTTING PREVENTS THE EUROPEAN PRODUCERS FROM OBTAINING THE GUIDANCE PRICE AND JEOPARDIZES THE EQUILIBRIUM OF THE WHOLE PRICE-SYSTEM , BOTH IN SO FAR AS IT CONCERNS THE EUROPEAN PRODUCERS AND THE PRODUCERS IN THOSE OTHER SUPPLYING COUNTRIES WHICH HAVE RENEWED THE ARRANGEMENTS WITH RESPECT TO TRADE IN STEEL PRODUCTS ; WHEREAS CONSEQUENTLY THESE IMPORTS ARE CAUSING OR THREATEN TO CAUSE A NEW MATERIAL INJURY TO THE COMMUNITY INDUSTRY OR TO A MAJOR PART THEREOF ;   WHEREAS IMMEDIATE ACTION HAS BEEN REQUESTED BY A MEMBER STATE ;   WHEREAS , IN THE SERIOUS CONDITIONS BEING EXPERIENCED BY THE COMMUNITY IRON AND STEEL INDUSTRY , THE INTERESTS OF THE COMMUNITY REQUIRE IMMEDIATE ACTION ;   WHEREAS IT IS FOR THE COMMISSION , WITHOUT PREJUDICE TO THE RESULTS OF THE INVESTIGATION OPENED IN ACCORDANCE WITH ARTICLE 11 OF RECOMMENDATION 77/329/ECSC , TO DECIDE PROMPTLY TO APPLY PROVISIONAL MEASURES CONSISTING OF THE IMPOSITION OF A PROVISIONAL ANTI-DUMPING DUTY ON IMPORTS OF THE PRODUCTS CONCERNED ORIGINATING IN GREECE , THE RATE OF WHICH CORRESPONDS TO THE DIFFERENCE BETWEEN THE BASIC PRICE PUBLISHED BY THE COMMISSION FOR THESE PRODUCTS AND THEIR IMPORT PRICE INTO THE COMMUNITY ,   HAS ADOPTED THIS RECOMMENDATION :   ARTICLE 1   1 .  A PROVISIONAL ANTI-DUMPING DUTY IS HEREBY IMPOSED ON THE FOLLOWING PRODUCTS ORIGINATING IN GREECE :   -  IRON OR STEEL OILS FOR RE-ROLLING ,   -  COMMON CUSTOMS TARIFF HEADING NO 73.08 ,   -  NIMEXE CODES 78.08-01 TO 49 .   2 .  THE AMOUNT OF THIS DUTY SHALL BE THE AMOUNT BY WHICH THE EFFECTIVE PRICE ( BASIC PRICE PLUS EXTRAS ) ESTABLISHED BY CONTRACT , FREE FRONTIER DUTY-PAID , IS LOWER THAN THE EFFECTIVE PRICE ( BASIC PRICE PLUS EXTRAS ) FOR THESE PRODUCTS MOST RECENTLY PUBLISHED BY THE COMMISSION AT THE TIME OF ITS ENTRY FOR CONSUMPTION WITHIN THE COMMUNITY .   3 .  THE AMOUNT OF THIS DUTY SHALL , HOWEVER , BE REDUCED TO THE EXTENT THAT THE IMPORTER ESTABLISHES TO THE SATISFACTION OF THE COMPETENT NATIONAL AUTHORITIES THAT THE PRICE DIFFERENTIAL REFERRED TO IN PARAGRAPH 2 ABOVE IS DUE TO A DIMINUTION IN VALUE RESULTING FROM THE FACT THAT THE QUALITY OF THESE PRODUCTS IS INFERIOR TO THE LOWEST QUALITY DESCRIBED IN THE LAST PUBLICATION OF BASIC PRICES BY THE COMMISSION .   4 .  THIS DUTY SHALL BE COLLECTED ON THE SAME BASIS AS CUSTOMS DUTIES .   ARTICLE 2   THE ENTRY OF THE PRODUCTS DESCRIBED IN ARTICLE 1 FOR CONSUMPTION WITHIN THE COMMUNITY SHALL BE CONDITIONAL UPON THE DEPOSIT OF A SECURITY FOR THE AMOUNT OF THE PROVISIONAL DUTY .   ARTICLE 3   THIS RECOMMENDATION IS ADDRESSED TO THE MEMBER STATES .   IT WILL COME INTO EFFECT IN EACH MEMBER STATE FROM THE DATE OF ITS PUBLICATION IN THE OFFICIAL JOURNAL OF THE EUROPEAN COMMUNITIES .   DONE AT BRUSSELS , 13 MARCH 1979 .   FOR THE COMMISSION   ANTONIO GIOLITTI   MEMBER OF THE COMMISSION


title: Commission Recommendation No 787/79/ECSC of 20 April 1979 providing for the termination of the provisional anti-dumping duties established in relation to imports of certain steel products originating in Spain

text:
 21 . 4. 79                               Official Journal of the European Communities                         No L 99/31
                                 COMMISSION RECOMMENDATION No 787/79/ ECSC
                                                         of 20 April 1979
               providing for the termination of the provisional anti-dumping duties
                established in relation to imports of certain steel products originating in Spain
THE COMMISSION OF THE EUROPEAN                                      No 433/79/ECSC in relation to imports of angles,
 COMMUNITIES,                                                       shapes and U, I or H sections of iron or steel, not
                                                                    further worked than hot-rolled or extruded and of
 Having regard to the Treaty establishing the European              sheets and plates of iron or steel other than electrical,
 Coal and Steel Community, and in particular Article                not further worked than hot-rolled, of a thickness of 2
 74 thereof,
                                                                    mm or more, originating in Spain, are terminated
 Having regard to Commission recommendation                         with effect from 11 April 1979 in respect of deliveries
 77/329/ ECSC of 15 April 1977 on protection against                originating in and consigned from Spain . Neverthe
 dumping or the granting of bounties or subsidies by                less, these duties are maintained in respect of deliv
countries which are not members of the European                     eries originating in Spain but consigned from other
                                                                    third countries .
 Coal and Steel Community ('), as amended by recom
 mendation No 3004/77/ ECSC (2) and 158/79/
 ECSC (3 ), and in particular Articles 15 and 19 thereof,           No other anti-dumping duty or other similar
                                                                    measures will be applied to imports of steel products
 Having heard the opinions expressed within the advi               falling under the ECSC Treaty and originating in
sory committee provided for by recommendation                       Spain unless a counter-recommendation is made by
77/329/ ECSC,                                                       the Commission .
Whereas the Commission has established, by recom
 mendations No 267/79/ ECSC (4) and No 433/79/
 ECSC (5), provisional anti-dumping duties in relation                                     Article 2
to imports of certain steel products originating in
Spain ;                                                             This recommendation is addressed to the Member
Whereas since that time certain arrangements have                   States .
been made between the Community and Spain with
respect to trade in steel products which arrangements               It will enter into force in respect of each Member
however only apply to direct imports ;                              State from the date of its publication in the Official
Whereas these arrangements, which the Commission                    Journal of the European Communities.
deems reasonable, allow the further application of
provisional anti-dumping duties on direct imports to
be terminated from the date of entry into force of the
said arrangements,                                                  Done at Brussels, 20 April 1979 .
HAS ADOPTED THIS RECOMMENDATION :
                                                                                For the Commission
                             Article 1
                                                                                Finn GUNDELACH
The provisional anti-dumping duties established by
Commission recommendations No 267/ 79 / ECSC and                                                  Vice-President
(i) OJ  No  L 114, 5 . 5 . 1977, p. 6.
(2) OJ  No  L 352, 31 . 12. 1977, p. 13.
(3) OJ  No  L 21 , 30 . 1 . 1979 , p. 14.
(<) OJ  No  L 37, 13 . 2. 1979, p. 21 .
(5) OJ  No  L 53, 3 . 3 . 1979 , p. 21 .


title: Council Recommendation of 12 July 2011 on the National Reform Programme 2011 of Latvia and delivering a Council opinion on the updated Convergence Programme of Latvia, 2011-2014

text:
               21.7.2011

               EN

               Official Journal of the European Union

               C 215/8

         COUNCIL RECOMMENDATION
   of 12 July 2011
   on the National Reform Programme 2011 of Latvia and delivering a Council opinion on the updated Convergence Programme of Latvia, 2011-2014
   2011/C 215/03
   THE COUNCIL OF THE EUROPEAN UNION,
   Having regard to the Treaty on the Functioning of the European Union, and in particular Articles 121(2) and 148(4) thereof,
   Having regard to Council Regulation (EC) No 1466/97 of 7 July 1997 on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies (1), and in particular Article 9(3) thereof,
   Having regard to the recommendation of the European Commission,
   Having regard to the conclusions of the European Council,
   Having regard to the opinion of the Employment Committee,
   After consulting the Economic and Financial Committee,
   Whereas:

               (1)

               On 20 January 2009, the Council adopted Decision 2009/290/EC (2) to make available to Latvia medium-term financial assistance for a period of three years under the provisions of Article 143 of the Treaty. The accompanying Memorandum of Understanding signed on 28 January 2009 and its successive supplements lay down the economic policy conditions on the basis of which the financial assistance is disbursed. Decision 2009/290/EC was amended on 13 July 2009 by Council Decision 2009/592/EC (3). The last supplement to the Memorandum of Understanding was signed in June 2011.

               (2)

               On 26 March 2010, the European Council agreed to the Commission's proposal to launch a new strategy for jobs and growth, Europe 2020, based on enhanced coordination of economic policies, which will focus on the key areas where action is needed to boost Europe's potential for sustainable growth and competitiveness.

               (3)

               On 13 July 2010, the Council adopted a recommendation on the broad guidelines for the economic policies of the Member States and the Union (2010 to 2014) and, on 21 October 2010, adopted a decision on Guidelines for the employment policies of the Member States (4), which together form the ‘integrated guidelines’. Member States were invited to take the integrated guidelines into account in their national economic and employment policies.

               (4)

               On 12 January 2011, the Commission adopted the first Annual Growth Survey, marking the start of a new cycle of economic governance in the EU and the first European semester of ex-ante and integrated policy coordination, which is anchored in the Europe 2020 strategy.

               (5)

               On 25 March 2011, the European Council endorsed the priorities for fiscal consolidation and structural reform (in line with the Council's conclusions of 15 February and 7 March 2011 and further to the Commission's Annual Growth Survey). It underscored the need to give priority to restoring sound budgets and fiscal sustainability, reducing unemployment through labour market reforms and making new efforts to enhance growth. It requested Member States to translate these priorities into concrete measures to be included in their Stability or Convergence Programmes and National Reform Programmes.

               (6)

               On 25 March 2011, the European Council also invited the Member States participating in the Euro Plus Pact to present their commitments to be included in their Stability or Convergence Programmes and their National Reform Programmes. The Latvian Convergence Programme and the National Reform Programme include a general reference to the Euro Plus Pact. A letter sent to the European Council on 17 May 2011 highlights specific commitments and actions for 2011 included in the programmes which are consistent with the objectives of the Euro Plus Pact.

               (7)

               On 29 April 2011, Latvia submitted its 2011 Convergence Programme update covering the period 2011-2014 and its 2011 National Reform Programme. In order to take account of the interlinkages, the two programmes have been assessed at the same time.

               (8)

               The Latvian economy grew faster than that of any other Member State from 2000 to 2007, reflecting convergence prospects, foreign financial inflows and very strong consumption demand. However, at least partly as a result of an expansionary macroeconomic policy, the economy overheated. Sizable imbalances accumulated, illustrated by a current account deficit of 22,3 % of GDP in 2007 and 13,1 % in 2008; consequently, during 2008-2009, the economy experienced the steepest contraction in the EU. During this period real GDP contracted by 25 % from peak to trough as a collapse in domestic demand was amplified by a slump in global trade. The Latvian employment rate, previously amongst the highest in the EU (75,8 % in 2008), fell by over 10 percentage points and the unemployment rate of over 18 % is now one of the highest in the EU. The general government deficit was 9,7 % in 2009 but as a result of fiscal consolidation measures, decreased to 7,7 % in 2010. This outcome includes sizeable financial sector stabilisation measures that amounted to 1,1 % of GDP in 2009 and 2,3 % of GDP in 2010.

               (9)

               Based on the assessment of the updated Convergence Programme pursuant to Regulation (EC) No 1466/97, the Council is of the opinion that the macroeconomic scenario underpinning the budgetary projections in the Convergence Programme is plausible although the inflation projection may be on the low side for 2011. The medium-term budgetary strategy of the Convergence Programme is to bring the headline general government deficit below the 3 % reference value by the deadline foreseen in the Council Recommendation of 7 July 2009. Taking into account the measures implemented since the issuance of the recommendation to correct the excessive deficit situation and additional consolidation implied in the updated Convergence Programme, the planned fiscal effort for 2011-2012 is in line with the required adjustment. In view of the starting point, the Convergence Programme does not foresee the achievement of the medium-term objective (MTO) by the end of the programme period, while the planned fiscal effort to reach the MTO after the correction of the excessive deficit situation could be accelerated in particular in 2013. The fiscal consolidation path envisaged in the Convergence Programme is mostly expenditure based. The budgetary targets are subject to downside risks, as the Convergence Programme does not provide full information on measures to underpin the achievement of the set targets. These measures are expected to be provided in the forthcoming budgets. Reducing the primary deficit over the medium term, as foreseen in the Convergence Programme, would help reduce the risks to the sustainability of public finances.

               (10)

               The Commission has assessed the Convergence Programme and National Reform Programme. It has taken into account not only their relevance for sustainable fiscal and socio-economic policy in Latvia but also of their conformity with EU rules and guidance, given the need to strengthen the overall economic governance of the EU by providing EU-level input into future national decisions. In this context, the Commission stresses the urgency of implementing the planned measures to comply with Decision 2009/290/EC,

         HEREBY RECOMMENDS that Latvia:
   Implement the measures laid down in Decision 2009/290/EC, as amended by Decision 2009/592/EC, and further specified in the Memorandum of Understanding of 20 January 2009 and its subsequent supplements, in particular the last supplement of 7 June 2011.

      Done at Brussels, 12 July 2011.

            For the Council

            The President

         J. VINCENT-ROSTOWSKI

      (1)  OJ L 209, 2.8.1997, p. 1.

      (2)  OJ L 79, 25.3.2009, p. 39.

      (3)  OJ L 202, 4.8.2009, p. 52.

      (4)  Maintained for 2011 by Council Decision 2011/308/EU of 19 May 2011 on guidelines for the employment policies of the Member States (OJ L 138, 26.5.2011, p. 56).