L 191/22 Official Journal of the European Union 22.7.2005 REGULATION (EC) No 1161/2005 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 6 July 2005 on the compilation of quarterly non-financial accounts by institutional sector THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty establishing the European Community, and in particular Article 285(1) thereof, Having regard to the proposal from the Commission, Having regard to the opinion of the European Central Bank (}), Acting in accordance with the procedure laid down in Article 251 of the Treaty (3), Whereas: 1 The Action Plan on Economic and Monetary Union (EMU) Statistical Requirements endorsed by the Ecofin Council in September 2000 specifies that a limited set of quarterly sector accounts is urgently needed, and that these should be available within 90 days of the end of the quarter concerned. The Joint Report of the Ecofin Council and the Commission to the European Council on Eurozone statistics and indicators, as adopted by the Ecofin Council on 18 February 2003, emphasises that high priority actions in several fields, including quarterly national accounts by institutional sector, should be fully imple- mented by 2005. The analysis of cyclical movements in the European Union economy and the conduct of monetary policy within the EMU require macroeconomic statistics on the economic behaviour and the interrelationship of indivi- dual institutional sectors which are impossible to identify in data compiled at the level of the economy as a whole. 0] C 42, 18.2.2004, p. 23. Opinion of the European Parliament of 30 March 2004 (O] C 103 E, 29.4.2004, p. 141), Council Common Position of 8 March 2005 (not yet published in the Official Journal) and Position of the European Parliament of 26 May 2005 (not yet published in the Official Journal). There is, therefore, a need to produce quarterly accounts by institutional sector, for the European Union as a whole and for the euro area. Production of these accounts is part of the overall aim to compile a system of annual and quarterly accounts for the European Union and for the euro area. The system includes the main macroeconomic aggregates and the financial and non-financial accounts by institutional sector. The aim is to achieve consistency across all these accounts and, with regard to the rest of the world accounts, between the balance of payments and the national accounts data. The compilation of European accounts by institutional sector, in accordance with the principles of the European system of national and regional accounts in the Community as set out in Council Regulation (EC) No 2223/96 (}), requires the transmission by Member States of quarterly national accounts by institutional sector. However, the European accounts must reflect the economy of the European area as a whole and may differ from the simple aggregation of Member States’ accounts. In particular, the objective is to take account of the transactions of the institutions and bodies of the European Union in the accounts of the area concerned (the European Union or the euro-zone, whichever is applicable). The production of specific Community statistics is governed by the rules set out in Council Regulation (EC) No 322/97 of 17 February 1997 on Community Statistics (¥). O] L 310, 30.11.1996, p. 1. Regulation as last amended by Regulation (EC) No 1267/2003 of the European Parliament and of the Council (O] L 180, 18.7.2003, p. 1). OJ L 52, 22.2.1997, p. 1. Regulation as amended by Regulation (EC) No 1882/2003 of the European Parliament and of the Council (O] L 284, 31.10.2003, p. 1).