This contributes to macroeconomic stability, economic growth and employment creation. The excessive deficit procedure and the Stability and Growth Pact remain a foundation for trust and confidence in EMU. In this respect, reliable and timely government statistics are of vital importance to the credibility of the budgetary surveillance process.
The European accounting rules must be fully respected when recording all types of expenditure and revenue. This should be done in a manner that is consistent and stable over time and homogeneous across countries. The procedures must not be vulnerable to political cycles, as stated by the ECOFIN Council. Countries should consider the quality and integrity of their statistics as a matter of priority.