The general government debt, as defined in the Treaty of Maastricht, is
the total gross debt at nominal value outstanding of the general government
sector, measured on a consolidated basis, i.e. excluding debt owed to a
creditor that is also belonging to the general government sector.
The categories of the ESA (European System of Accounts) 1995 taken into
account in determining the general government debt are the following :
currency and deposits, securities other than shares and excluding financial
derivatives, and loans.
|
The general government sector is defined with reference
to the ESA 1995 and consists of all the institutional units, controlled by the
government, that are non-market producers. The general government sector is
divided into the following sub-sectors :
-
The sub-sector central government includes all
administrative departments of the State as well as other central agencies
whose competence extends normally over the whole economic territory, except
for the administration ot social security funds. This sub-sector includes
amongst others the non-profit institutions which are controlled and mainly
financed by central government and whose competence extends over the whole
economic territory.
-
The sub-sector State government consists of
State governments which are separate institutional units exercising some of
the functions of government at a level below that of central government and
above that of the governmental institutional units existing at local level,
except for the administration of social security funds. The institutional
units belonging to or controlled by the three Regions and Communities are
classified in this sub-sector.
-
The sub-sector Local government includes those
types of public administration whose competence extends to only a local part
of the economic territory, apart from local agencies of social security
funds. Institutional units belonging to or controlled by the provinces and
the local communities.
-
The sub-sector social security funds includes
all central, state and local institutional units whose principal activity is
to provide social benefits, and for which certain groups of the population
are obliged to participate in the scheme or to pay contributions.
|