Statistical accounting of bank and other market support operations
The statistical accounting consequences of the bank and other market support operations by public authorities assume particular importance in the area of government finance statistics, in relation to the stability and growth pact.
The financial crisis has been addressed by EU governments in interventions of unprecedented magnitude. These interventions have evolved in their nature over time, and have comprised both individual rescue operations for failing financial institutions and systematic programmes of support for financial institutions and markets more widely.
In order to ensure consistency across time and across countries of the statistical treatment of these bank and other support operations in full respect of the European System of Accounts (ESA95) rules the European Statistical System set up a ESS Action Plan on the accounting consequences of the financial turmoil.
In cooperation with European Statistical System partners, Eurostat is closely monitoring these public interventions and their implications for national accounts data, notably for the government deficit and debt statistics used for the excessive deficit procedure (EDP).
On July 15, 2009 Eurostat adopted a decision on the statistical recording of public interventions to support financial institutions and financial markets during the financial crisis.
Also, a guidance note on this issue has been published.
On 27 January 2011 Eurostat published a decision on the recording of operations undertaken by the European Financial Stability Facility.
Enhanced verification powers
Following identified difficulties with Greek data, Eurostat's powers to verify statistical data used for the excessive deficit procedure were strengthened by the granting of enhanced verification powers:
