The regulation sets up the framework for member states to co-operate with visiting officials from the Commission, to publish the government accounts reported for past years, and to certify that the accounts comply with the principles established by regulation 322/97 on EU statistics.
Member states are to request clarification from Eurostat on the correct accounting treatment of government transactions in case of doubt. The regulation also recognises the right of Eurostat to express reservations on the quality of the government accounts reported and to amend such data.
Member states report to the Commission their planned and actual government deficits and levels of government debt twice a year and, from now onwards, the first time will be before 1 April and the second time before 1 October.
When providing statistical data to the Council for the application of the Excessive Deficit Procedure (EDP), the Commission relies on data compiled and reported by the national authorities of the member states.
