Updated guide details government finance statistics framework

The updated guide reflects reporting rules set under ECB Guideline 2025/9 adopted in March 2025.

Compared with the 2019 edition, the manual incorporates structural adjustments to capture evolving fiscal mechanisms across euro area Member States.

Table 1b now accommodates the formal classification of the European Financial Stability Facility and European Stability Mechanism under EU governmental institutions.

Furthermore, the reporting framework integrates non-financial grants provided through the NextGenerationEU budget, primarily via the Recovery and Resilience Facility, alongside transactions involving the Single Resolution Board and Single Resolution Fund.

These additions ensure comprehensive coverage of both national and supranational public finance activities.

Methodological clarity remains central to the guide, particularly regarding the deficit-debt adjustment that reconciles net lending or borrowing with changes in Maastricht debt.

While ESA 2010 records government liabilities at market value including accrued interest, excessive deficit procedure debt is measured strictly at face value.

The guide breaks down these divergent valuation approaches across three main pillars: transactions in main financial assets, valuation and volume effects, and timing differences in cash flows and tax accruals.