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Commission Delegated Regulation (EU) No 877/2013 of 27 June 2013 supplementing Regulation (EU) No 473/2013 of the European Parliament and of the Council on common provisions for monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficit of the Member States in the euro area

In forceVersion 2013-06-27from 2013-09-16
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Contents
  1. Preamble
    1. Article 1 Subject matter
    2. Article 2 Structure and content of the reporting
    3. Article 3 Entry into force
  3. ANNEX
  4. ANNEX Tables to be included in the reports to be submitted in accordance with Article 10(3) of Regulation (EU) No 473/2013 on common provisions for monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficit of the Member States in the euro area Table 1a 1.2.3.4.5.6.7. Table 1b 1.2.3.4.5.6.7.8. Table 1c 1.2.3.4.5.6.7.8.9.10.11.12.———13.14.15.14.15. Table 2 1.1.1.1.2.1.3.1.4.1.5.1.6.2.2.1.2.2.2.3.2.4.2.5.2.6.2.7.2.8. Table 3a Table 3b Table 4 1.2.3.4.5.————6.7.8.9.10.11. In-year quarterly budgetary execution on cash basisfor the general government and its sub-sectors In-year quarterly budgetary execution and prospects in accordance with ESA standards and seasonally non-adjustedfor the general government and its sub-sectors Annual budgetary targets in accordance with ESA standards for the general government and its sub-sectors Targets for the expenditure and revenues of the general government (S.13) in accordance with ESA standards Budgetary measures adopted and envisaged by the general government and its sub-sectors on both the expenditure and the revenue side to achieve the targets presented in Table 2 In-year quarterly reporting on the budgetary impact of the measures presented in Table 3a General government (S.13) debt developments and prospects

THE EUROPEAN COMMISSION,

Having regard to the Treaty on the Functioning of the European Union,

Having regard to Regulation (EU) No 473/2013 of the European Parliament and of the Council of 21 May 2013 on common provisions for monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficit of the Member States in the euro area, and in particular Article 10(3) thereof,

Whereas:

(1) Regulation (EU) No 473/2013 sets up a closer monitoring for Member States whose currency is the euro in excessive deficit procedure by means of additional reporting requirements aiming at ensuring prevention and early correction of any deviations from the Council recommendations or decisions to give notice to correct the excessive deficit.

(2) Such monitoring complements the existing reporting obligations set out in Article 3(4)(a) and Article 5(1)(a) of Council Regulation (EC) No 1467/97 of 7 July 1997 on speeding up and clarifying the implementation of the excessive deficit procedure which require that a Member State in excessive deficit procedure subject to a Council recommendation made in accordance with Article 126(7) of the Treaty or a notice made in accordance with Article 126(9) of the Treaty shall report to the Council and the Commission on action taken to correct the excessive deficit. This report shall include the targets for government expenditure and revenue and for the discretionary measures on both the expenditure and the revenue side consistent with the Council’s recommendation, as well as information on the measures taken and the nature of those envisaged to achieve the targets.

(3) Regulation (EU) No 473/2013 complements this initial reporting requirement by requiring a more frequent reporting from Member States whose currency is the euro which are in excessive deficit. The latter will have to report to the Commission and to the Economic and Financial Committee (EFC) every six months if subject to a Council recommendation made in accordance with Article 126(7) and every three months if subject to a Council decision to give notice in accordance with Article 126(9) TFEU on the action taken to correct the excessive deficit. The reporting should contain, for the general government and its sub-sectors, the in-year budgetary execution, the budgetary impact of discretionary measures taken on both the expenditure and the revenue side, targets for the government expenditure and revenues and information on the measures adopted and the nature of those envisaged to achieve the targets. This more frequent reporting will help the Commission and the EFC to continuously monitor whether the Member State concerned is on track to correct its excessive deficit.

(4) According to Article 10(3) of Regulation (EU) No 473/2013, the content of this additional reporting is to be specified by the Commission. This delegated act provides a clear framework for the information to be reported by Member States whose currency is the euro and which are subject to an excessive deficit procedure. The reporting established by this delegated Regulation will provide a structured and harmonised view of the budgetary situation of the Member States concerned. The report should contain annual and quarterly data in order to provide details on the on-going correction. Data should be reported on a cash and accrual basis (according to the European System of National Accounts ESA) in order to allow a better understanding of the dynamics of the budgetary situation. Given that an excessive deficit procedure can be open on the basis of non-compliance with either or both the deficit and the debt-to-GDP Treaty reference values, the evolution of the main components of the general government deficit and debt developments should be reported.

(5) Actual data reported under this delegated act should be consistent with data reported to Eurostat in the context of the excessive deficit procedure,

HAS ADOPTED THIS REGULATION:

Article 1 Subject matter

This Regulation lays down specifications concerning the content of the reports that may be requested by the Commission from Member States whose currency is the euro which are subject to an excessive deficit procedure.

Article 2 Structure and content of the reporting

1. The reports referred to in Article 1 shall have the following structure:

Actual balances, debt developments, and updated budgetary plans for the period of correction for the general government and its sub-sectors;

Description and quantification of the fiscal strategy in nominal and structural terms (cyclical component of the balance, net of one-off and temporary measures) to correct the excessive deficit by the deadline set by the Council in the view of the latest Council recommendation or decision to give notice in accordance with Article 126(7) or Article 126(9) TFEU, including detailed information on budgetary measures planned or already taken to achieve these targets and their budgetary impact.

2. The reports shall include tables as indicated in the Annex to this Regulation.

Article 3 Entry into force

This Regulation shall enter into force on the third day following that of its publication in the Official Journal of the European Union.

This Regulation shall be binding in its entirety and directly applicable in the Member States in accordance with the Treaties. Done at Brussels, 27 June 2013. For the Commission The President José Manuel Barroso

ANNEX

ANNEX Tables to be included in the reports to be submitted in accordance with Article 10(3) of Regulation (EU) No 473/2013 on common provisions for monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficit of the Member States in the euro area Table 1a 1.2.3.4.5.6.7. Table 1b 1.2.3.4.5.6.7.8. Table 1c 1.2.3.4.5.6.7.8.9.10.11.12.———13.14.15.14.15. Table 2 1.1.1.1.2.1.3.1.4.1.5.1.6.2.2.1.2.2.2.3.2.4.2.5.2.6.2.7.2.8. Table 3a Table 3b Table 4 1.2.3.4.5.————6.7.8.9.10.11. In-year quarterly budgetary execution on cash basisfor the general government and its sub-sectors In-year quarterly budgetary execution and prospects in accordance with ESA standards and seasonally non-adjustedfor the general government and its sub-sectors Annual budgetary targets in accordance with ESA standards for the general government and its sub-sectors Targets for the expenditure and revenues of the general government (S.13) in accordance with ESA standards Budgetary measures adopted and envisaged by the general government and its sub-sectors on both the expenditure and the revenue side to achieve the targets presented in Table 2 In-year quarterly reporting on the budgetary impact of the measures presented in Table 3a General government (S.13) debt developments and prospects

NB: In tables below, Year t corresponds to the year of submission of the report. Reporting for the items indicated in bold is compulsory. The conceptual framework agreed in the context of Council Directive 2011/85/EU should be implemented. EUR millions Year t Q1 Q2 Q3 Q4 Overall balance by sub-sector (6-7) General government Central government State government Local government Social security funds For each sub-sector (please indicate which) Total revenue/inflows Of which (indicative list) Taxes, of which: Direct Taxes Indirect taxes, of which: VAT Social contributions Sales Other current revenue Capital revenue Inflows from operations in financial instruments Total expenditure/outflows Of which (indicative list) Purchase of goods and services Compensation of employees Interest Subsidies Social benefits Other current expenditure Capital transfers payable Capital investments Outflows from operations in financial instruments EUR millions ESA code Year t Q1 Q2 Q3 Q4 Net lending (+)/net borrowing (–) General government S.13 Central government S.1311 State government S.1312 Local government S.1313 Social security funds S.1314 For the general government (voluntary for the sub-sectors) Total revenue TR Of which Taxes on production and imports D.2 Current taxes on income, wealth, etc. D.5 Capital taxes D.91 Social contributions D.61 Property income D.4 Other Total expenditure TE Of which Compensation of employees D.1 Intermediate consumption P.2 Social payments D.62, D.632 Interest expenditure D.41 Subsidies D.3 Gross fixed capital formation P.51 Capital transfers D.9 Other Gross debt ESA Code Year t – 1 Year t Year t + … Net lending(+)/net borrowing (–) by sub-sector (% GDP) General government S.13 Central government S.1311 State government S.1312 Local government S.1313 Social security funds S.1314 General government (S.13) (% GDP) Total revenue TR Total expenditure TE Interest expenditure D.41 Primary balance One-off and other temporary measures rate of change rate of change rate of change Real GDP growth Potential GDP growth contributions: labour capital total factor productivity % potential GDP % potential GDP % potential GDP Output gap Cyclical budgetary component Cyclically-adjusted balance (1 – 14) Cyclically-adjusted primary balance (13 + 6) Structural balance (13 – 10) % GDP ESA Code Year t – 1 Year t Year t + 1 Year t + … Total revenue target (= table 1c. 6) TR Of which Taxes on production and imports D.2 Current taxes on income, wealth, etc. D.5 Capital taxes D.91 Social contributions D.61 Property income D.4 Other p.m.: Tax burden (D.2 + D.5 + D.61 + D.91-D.995) Total expenditure target (= table 1c.7) TE Of which Compensation of employees D.1 Intermediate consumption P.2 Social payments D.62, D.6311, D.63121, D.63131 of which: Unemployment benefits Interest expenditure D.41 Subsidies D.3 Gross fixed capital formation P.51 Capital transfers D.9 Other Expected budgetary impact of measures adopted and envisaged List of measures Detailed description Target (Expenditure/Revenue) ESA Code Accounting principle Adoption Status Incremental budgetary impact (EUR million) on year t – 1 t t + 1 t + 2 t + TOTAL List of measures In-year reporting for measures having an effect on year t (choose one of the alternatives below) Expected annual budgetary impact for year t (EUR million) (= Table 3a) Quarterly observed budgetary impact (EUR million) Cumulative observed budgetary impact since the start of the year (EUR million) Q1 Q2 Q3 Q4 TOTAL Year t – 1 Year t Year t + … ESA Code % GDP % GDP % GDP Gross debt (= Table 1b.8 for the general government) Change in gross debt ratio Contributions to changes in gross debt Primary balance (= Table 1c. 9) Interest expenditure (= Table 1c.8) D.41 Stock-flow adjustment of which: Differences between cash and accruals Net accumulation of financial assets of which: Privatisation proceeds Valuation effects and other p.m.: Implicit interest rate on debt(%) Other relevant variables Liquid financial assets Net financial debt 71 6 Debt amortization (existing bonds) since the end of the previous year Percentage of debt denominated in foreign currency (%) Average maturity (years) Real GDP growth (%) (= Table 1c row 11)

The data of budgetary execution provided in Table 1a and 1b should be consistent; a reconciliation table showing the methodology of transition between the two tables should be communicated.

Versions

  1. 2013-06-27

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