[OPE-L] The ECB's standard accounts of public finance

From: Jurriaan Bendien (adsl675281@TISCALI.NL)
Date: Mon May 07 2007 - 14:38:48 EDT

The European Central Bank now provides a 2007 manual for how national
reserve banks in Europe should provide their data on public finance to the
ECB. You can read it here:

Most of the concepts are very similar to what is used in UNSNA and IMF GFS
(some of the divergences are discussed at the end). Consequently many of the
criticisms of UNSNA and IMF GFS also apply to ECB GFS.

There is a critique that could be made here. In an effort to create
comparable data, categories and aggregates are created which will in
important cases make it difficult to understand specifically what money is
spent or received by whom, and for what exact purpose. I haven't the time
now to make that whole argument stick, but aim to delve into it more later.


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