Regulation (EC) No 1165/983 established a common basic framework for the collection, compilation, transmission and evaluation of Community business statistics for the purpose of the analysis of the economic cycle.

The implementation of Regulation (EC) No 1165/98 effected by Commission Regulations (EC) No 586/20014, (EC) No 588/20015, and (EC) No 606/20016, concerning respectively the definition of Main Industrial Groupings, the definition of variables and the granting of derogations to Member States, has created a body of practical experience that allows measures for further improvements in short-term statistics to be identified.

In its Action Plan on EMU Statistical Requirements and in subsequent progress reports on the implementation of that plan, the Ecofin Council identified additional fundamental aspects for improving the statistics covered by Regulation (EC) No 1165/98.

For its monetary policy, the European Central Bank (ECB) needs short-term statistics to be further developed, as is stated in its document ECB Statistical Requirements in the field of General Economic Statistics, and, in particular, it needs timely, reliable and meaningful aggregates for the euro zone.

The Statistical Programme Committee, established by Council Decision 89/382/EEC, Euratom7, has identified Principal European Economic Indicators (PEEI) that go beyond the scope of Regulation (EC) No 1165/98.

It is therefore necessary to amend Regulation (EC) No 1165/98 in areas of particular importance to monetary policy and to the study of the business cycle.

The measures provided for in this Regulation are in accordance with the opinion of the Statistical Programme Committee.

The implementation of the Lisbon strategy for growth and employment includes the reduction of unnecessary burdens on businesses and the dissemination of new technologies,