Brussels adopts new measures for data inspections by Magdalena Rosova

Brussels agreed to new rules for data inspections, which allow European budget watchdogs to monitor financially troubled countries in European union and it also gives them right to get to government information of the countries and inspect them frequently. The reason for the implementations of the new measures is the inability of Greece government to deal with its debt crisis and also the fact that Greece did not report reliable statistics data to commission of European Union. Official statement says that the aim of the new measures is to improve the accuracy an reliability of government finance statistics. New measures should further help EU work with real and correct s! tatistical data. Commissioner for Economic and Monetary Affairs Olli Rehn believes that the proposal was essential for good functioning of the eurozone. The measures includes also more frequent inspections visit by Brussels statisticians who will be allowed to get to government information when there is potential problem. Earlier this month the Greek government brought in new legislation which should make its budget statistics independent as they do not want finance ministry of European Union to control their data. The Greek new legislation was introduced after the commission of European Union opened proceedings against Greece as it ”failed in its duty to report reliable statistics.” While previous Greece government estimated the country's deficit at six percent, the present Greek socialist government, which was elected in October, managed to revise the country's public deficit figure to 12.7 percent of gross domestic product. Greece is now being perma! nently monitored by EU.

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by Magdalena Rosova for SigEx Ventures (http://sigexventures.com)

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