13.9.2013 Official Journal of the European Union L 24423 COMMISSION DELEGATED REGULATION (EU) No 8772013 of 27 June 2013 supplementing Regulation (EU) No 473/2013 of the European Parliament and of the Council on common provisions for monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficit of the Member States in the euro area THE EUROPEAN COMMISSION, Having regard to the Treaty on the Functioning of the European Union, Having regard to Regulation (EU) No 473/2013 of the European Parliament and of the Council of 21 May 2013 on common provisions for monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficit of the Member States in the euro area (!), and in particular Article 10(3) thereof, a Council recommendation made in accordance with Article 126(7) and every three months if subject to a Council decision to give notice in accordance with Article 126(9) TFEU on the action taken to correct the excessive deficit. The reporting should contain, for the general government and its sub-sectors, the in-year budgetary execution, the budgetary impact of discre- tionary measures taken on both the expenditure and the revenue side, targets for the government expenditure and revenues and information on the measures adopted and the nature of those envisaged to achieve the targets. This more frequent reporting will help the Commission and the EFC to continuously monitor whether the Member State concerned is on track to correct its excessive deficit. Whereas: (4)  According to Article 10(3) of Regulation (EU) No 473/2013, the content of this additional reporting is to (1) Regulation (EU) No 4732013 sets up a closer moni- be specified by the Commission. This delegated act toring for Member States whose currency is the euro in provides a clear framework for the 1nf0rma.t10n to be excessive deficit procedure by means of additional reportec! by Memb‘er States whose currency 1s the euro reporting requirements aiming at ensuring prevention and which are sub]ec.t to an excessive deficit procedgre. and early correction of any deviations from the Council T}}e reporting established by this delegated .Regulatlon recommendations or decisions to give notice to correct will provide a structured and harmonised view of the the excessive deficit. budgetary situation of the Member States concerned. The report should contain annual and quarterly data in order to provide details on the on-going correction. Data should be reported on a cash and accrual basis (20 Such monitoring complements the existing reporting (according to the European System of National obligations set out in Article 3(4)(a) and Article 5(1)(a) Accounts ESA) in order to allow a better understanding of Council Regulation (EC) No 1467/97 of 7 July 1997 of the dynamics of the budgetary situation. Given that an on speeding up and clarifying the implementation of the excessive deficit procedure can be open on the basis of excessive deficit procedure () which require that a non-compliance with either or both the deficit and the Member State in excessive deficit procedure subject to debt-to-GDP Treaty reference values, the evolution of the a Council recommendation made in accordance with main components of the general government deficit and Article 126(7) of the Treaty or a notice made in debt developments should be reported. accordance with Article 126(9) of the Treaty shall report to the Council and the Commission on action taken to correct the excessive deficit. This report shall include the targets for government expenditure and (5 Actual data reported under this delegated act should be revenue and for the discretionary measures on both the expenditure and the revenue side consistent with the Council's recommendation, as well as information on the measures taken and the nature of those envisaged to achieve the targets. Regulation (EU) No 473/2013 complements this initial reporting requirement by requiring a more frequent reporting from Member States whose currency is the euro which are in excessive deficit. The latter will have to report to the Commission and to the Economic and consistent with data reported to Eurostat in the context of the excessive deficit procedure, HAS ADOPTED THIS REGULATION: Article 1 Subject matter Financial Committee (EFC) every six months if subject to This Regulation lays down specifications concerning the content of the reports that may be requested by the Commission from Member States whose currency is the euro which are subject to () OJ L 140, 27.5.2013, p. 11. 0J an excessive deficit procedure. () O] L 209, 2.8.1997, p. 6.