EU finance ministers back moves for tougher statistics management
Risk & Regs on Sun, 13/06/2010 - 13:19
European Union finance ministers have agreed to give new audit powers to Eurostat, the European Commission’s statistical arm with Bulgaria the first country set to face a Eurostat audit.
The aim of the proposed new regulation is to allow the European Commission and EU member states to work together more effectively in improving the quality and reliability of statistical data used to determine government deficit and debt figures, a media statement said.
"We have had some concerns as regards the statistical performance of Bulgaria and are considering sending a mission shortly ... which has all these audit powers," said European Monetary Affaris Commissioner Olli Rehn.
This follows recurrent discrepancies and shortcomings in figures notified to the European Commission by Greece in relation to its public finances, and repeated calls by the Council for it to improve the collection and processing of its statistical data.
Bulgaria’s Finance Ministry said on June 8 that the Eurostat mission had been expected since the updated statistics about the budget deficit of the country came out in May.