2.7.2004 Official Journal of the European Union L 2331 | (Acts whose publication is obligatory) COUNCIL REGULATION (EC) No 1222/2004 of 28 June 2004 concerning the compilation and transmission of data on the quarterly government debt THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty establishing the European Community, and in particular the third subparagraph of Article 104(14) thereof, Having regard to the proposal from the Commission, Having regard to the opinion of the European Parliament (1), Having regard to the opinion of the European Central Bank (3), Whereas: (1)  Council Regulation (EC) No 3605/93 of 22 November 1993 on the application of the Protocol on the excessive deficit procedure annexed to the Treaty establishing the European Community () contains the definition of government debt outstanding at the end of the year that is relevant for the purpose of the excessive deficit procedure and lays down a timetable for the reporting to the Commission of annual government debt and of other annual government data. (20 The availability of government data, including government debt data, with a quarterly frequency is of the utmost importance for the economic analysis and proper monitoring of the budgetary situation in the Member States. Commission Regulation (EC) No 264/2000 of 3 February 2000 on the implementation of Council Regulation (EC) No 222396 with respect to short-term public finance statistics (%), Regulation (EC) No 1221/2002 of the European Parliament and of the Council of 10 June 2002 on quarterly non-financial accounts for general government (°) and Regulation (EC) No 501/2004 of the European Parliament and of the Council of 10 March 2004 on quarterly financial accounts for general government (®) cover the compi- lation and transmission of quarterly data on government non-financial and financial accounts, but do not extend to quarterly government debt. (') Opinion delivered on 30 March 2004 (not yet published in the Official Journal). (¥ Opinion of 19 April 2004. () OJ L 332, 31.12.1993, p. 7. Regulation as last amended by Commission Regulation (EC) No 351/2002 (O] L 55, 26.2.2002, p. 23). () OJ L 29, 4.2.2000, p. 4. () O] L 179, 9.7.2002, p. 1. () OJ L 81, 19.3.2004, p. 1. (3)  For the sake of clarity, and given the specific role of Regulation (EC) No 3605/93 in the implementation of the excessive deficit procedure, the compilation and transmission of quarterly government debt data should be governed by an autonomous legal act. (4 Quarterly government debt should be defined in a way that ensures consistency with the definition of government debt outstanding at the end of the year, of Regulation (EC) No 3605/93. This consistency should be maintained in the event that the Council amends Regu- lation (EC) No 3605/93 or the Commission introduces new references to the European system of accounts (ESA 95) set up by Council Regulation (EC) No 2223/96 of 25 June 1996 on the European system of national and regional accounts in the European Community () into Regulation (EC) No 3605/93. (5)  Regulations (EC) No 264/2000, No 1221/2002 and No 501/2004 state that quarterly data on non-financial and financial accounts of general government are to be trans- mitted three months after the end of the quarter to which they refer. This transmission lag is also appropriate for quarterly government debt data, HAS ADOPTED THIS REGULATION: Article 1 Definitions For the purposes of this Regulation: ‘Government’ means the sector of general government as defined in the European system of national and regional accounts in the Community (hereinafter referred to as ESA 95), adopted by Regulation (EC) No 2223/96. The codes in brackets refer to ESA 95. () OJ L 310, 30.11.1996, p. 1. Regulation as last amended by Regu- lation (EC) No 1267/2003 of the European Parliament and of the Council (O] L 180, 18.7.2003, p. 1.