The Measurement of Government Debt in the Economic and Monetary Union

Abstract

The paper by Mink and Rodriguez-Vives focuses on debt measurement issues with a specific reference to euro-area countries. Two debt measures are discussed: the debt relevant for European fiscal rules (the Excessive deficit procedure debt measure) and the ESA95 debt. The former is analysed by breaking it down by financial instrument, holder, government sub-sector, maturity and currency. Differences between the two measures reflect differences in instrument coverage, in the treatment of accrued interests and in the valuation method applied. The paper also briefly refers to issues concerning the possible inclusion of implicit liabilities in the debt statistics and the possible computation of a net measure of debt.