Reference metadata describe statistical concepts and methodologies used for the collection and generation of data. They provide information on data quality and, since they are strongly content-oriented, assist users in interpreting the data. Reference metadata, unlike structural metadata, can be decoupled from the data.
Eurostat, the statistical office of the European Union
1.2. Contact organisation unit
C.1: National accounts methodology; Standards and indicators
1.3. Contact name
Restricted from publication
1.4. Contact person function
Restricted from publication
1.5. Contact mail address
2920 Luxembourg LUXEMBOURG
1.6. Contact email address
Restricted from publication
1.7. Contact phone number
Restricted from publication
1.8. Contact fax number
Restricted from publication
2.1. Metadata last certified
14 June 2021
2.2. Metadata last posted
14 June 2021
2.3. Metadata last update
14 June 2021
3.1. Data description
Maastricht criterion bond yields (mcby) are long-term interest rates, used as a convergence criterion for the European Monetary Union, based on the Maastricht Treaty.
3.2. Classification system
The definition of long-term interest rates to be used in the convergence criteria for EMU was agreed between the European Commission and European Central Bank.
3.3. Coverage - sector
Central government.
3.4. Statistical concepts and definitions
The Maastricht Treaty EMU convergence criterion series relates to interest rates for long-term government bonds denominated in national currencies. Selection guidelines require data to be based on central government bond yields on the secondary market, gross of tax, with a residual maturity of around 10 years. The bond or the bonds of the basket have to be replaced regularly to avoid any maturity drift.
The legal basis is the Article 121 of the Treaty establishing the European Community and Protocol on the convergence criteria.
Harmonised series and indicators
At present, harmonised long-term interest rates are available for all Member States.
A harmonised long-term interest rate for Luxembourg is presented starting mid-May 2010. Before, the Luxembourg Government did not have outstanding long-term debt securities with a residual maturity of close to ten years. Therefore, the yield on long-term bond(s) issued by a private credit institution with a residual maturity close to 10 years is presented for the period up to mid-May 2010 and is thus not fully harmonised for that period.
For Cyprus, primary market yields are reported up to April 2015. The same applies to Bulgaria nad Romania up to December 2005, Slovenia up to October 2003 and Lithuania up to October 2007. For Greece, no data are available for July 2015 owing to market closure.
3.5. Statistical unit
Not applicable.
3.6. Statistical population
Not applicable.
3.7. Reference area
Euro area and EU aggregates, Member States and UK.
3.8. Coverage - Time
Length of series varies considerably. In general the national series for Member States joining the EU before 2004 are much longer than for the Member States joining 2004 or later. The lengthiest series for daily Maastricht criterion bond yields on 1 January 1980.
3.9. Base period
Not applicable.
All the yields are expressed in percentages per annum.
Data show daily, monthly, quarterly and annual values.
The length of series varies according to country.
6.1. Institutional Mandate - legal acts and other agreements
The legal basis is the Article 121 of the Treaty establishing the European Community and Protocol on the convergence criteria.
6.2. Institutional Mandate - data sharing
Not applicable.
7.1. Confidentiality - policy
Regulation (EC) No 223/2009 on European statistics (recital 24 and Article 20(4)) of 11 March 2009 (OJ L 87, p. 164), stipulates the need to establish common principles and guidelines ensuring the confidentiality of data used for the production of European statistics and the access to those confidential data with due account for technical developments and the requirements of users in a democratic society.
7.2. Confidentiality - data treatment
Not applicable.
8.1. Release calendar
The precise date of data release for the Maastricht criteria bond yields is disseminated on the Eurostat and ECB websites.
In line with the Community legal framework and the European Statistics Code of Practice Eurostat disseminates European statistics on Eurostat's website (see item 10 - 'Accessibility and clarity') respecting professional independence and in an objective, professional and transparent manner in which all users are treated equitably. The detailed arrangements are governed by the Eurostat protocol on impartial access to Eurostat data for users.
Details of the selection criteria for the EMU convergence series, including the yield formula used may be obtained from ECB.
10.7. Quality management - documentation
Not applicable.
11.1. Quality assurance
Not applicable.
11.2. Quality management - assessment
Not applicable.
12.1. Relevance - User Needs
Convergence reports of ECB and the European Commission.
12.2. Relevance - User Satisfaction
Not available.
12.3. Completeness
The collection is complete.
13.1. Accuracy - overall
Not applicable.
13.2. Sampling error
Not applicable.
13.3. Non-sampling error
Not applicable.
14.1. Timeliness
Monthly data around ten days after the end of the corresponding period.
14.2. Punctuality
Data are generally transmitted in due time.
15.1. Comparability - geographical
Series are fully comparable between countries. There may be some differences in definition of bonds.
15.2. Comparability - over time
Data can be compared over time.
15.3. Coherence - cross domain
Not applicable.
15.4. Coherence - internal
Not applicable.
The data is calculated based on market data.
17.1. Data revision - policy
All data disseminated consist of data already disseminated by the ECB. The revision policy is therefore effectively the revision policy applied by the ECB.
17.2. Data revision - practice
The revision practice effectively corresponds to the revision practice of the ECB. Because of the nature of the data, ECB normally revises the data in case of error correction, which happen rarely, since errors are extremely infrequent.
18.1. Source data
Daily and monthly long term interest rates convergence series data are collected by the European Central Bank (ECB) from the national central banks. The ECB also calculates the EU aggregate series, based on the data of the national central banks.
In addition, for the euro area aggregates, daily data on representative long-term government bonds are collected on the markets by the ECB, which is responsible for the calculation of these aggregates.
The country and aggregate data are transmitted to Eurostat by electronic means.
18.2. Frequency of data collection
Daily.
18.3. Data collection
Not applicable.
18.4. Data validation
Data may be checked with the ECB and/or National central banks.
18.5. Data compilation
Data are interest rates.
From January 1999, the weightings for euro area are based on each country's nominal stock of government bonds of around 10 years' maturity.
For EU aggregates and before 1999 for euro area, the weightings used are national GDP at current prices and purchasing power standards.
The ECB calculates the EU aggregate series, based on the data of the national central banks.
In addition, for the euro area aggregates, daily data on representative long-term government bonds are collected on the markets by the ECB, which calculates this aggregate.
Maastricht criterion bond yields (mcby) are long-term interest rates, used as a convergence criterion for the European Monetary Union, based on the Maastricht Treaty.
14 June 2021
The Maastricht Treaty EMU convergence criterion series relates to interest rates for long-term government bonds denominated in national currencies. Selection guidelines require data to be based on central government bond yields on the secondary market, gross of tax, with a residual maturity of around 10 years. The bond or the bonds of the basket have to be replaced regularly to avoid any maturity drift.
The legal basis is the Article 121 of the Treaty establishing the European Community and Protocol on the convergence criteria.
Harmonised series and indicators
At present, harmonised long-term interest rates are available for all Member States.
A harmonised long-term interest rate for Luxembourg is presented starting mid-May 2010. Before, the Luxembourg Government did not have outstanding long-term debt securities with a residual maturity of close to ten years. Therefore, the yield on long-term bond(s) issued by a private credit institution with a residual maturity close to 10 years is presented for the period up to mid-May 2010 and is thus not fully harmonised for that period.
For Cyprus, primary market yields are reported up to April 2015. The same applies to Bulgaria nad Romania up to December 2005, Slovenia up to October 2003 and Lithuania up to October 2007. For Greece, no data are available for July 2015 owing to market closure.
Not applicable.
Not applicable.
Euro area and EU aggregates, Member States and UK.
Data show daily, monthly, quarterly and annual values.
The length of series varies according to country.
Not applicable.
All the yields are expressed in percentages per annum.
Data are interest rates.
From January 1999, the weightings for euro area are based on each country's nominal stock of government bonds of around 10 years' maturity.
For EU aggregates and before 1999 for euro area, the weightings used are national GDP at current prices and purchasing power standards.
The ECB calculates the EU aggregate series, based on the data of the national central banks.
In addition, for the euro area aggregates, daily data on representative long-term government bonds are collected on the markets by the ECB, which calculates this aggregate.
Daily and monthly long term interest rates convergence series data are collected by the European Central Bank (ECB) from the national central banks. The ECB also calculates the EU aggregate series, based on the data of the national central banks.
In addition, for the euro area aggregates, daily data on representative long-term government bonds are collected on the markets by the ECB, which is responsible for the calculation of these aggregates.
The country and aggregate data are transmitted to Eurostat by electronic means.
Daily, monthly, quarterly and annual.
Monthly data around ten days after the end of the corresponding period.
Series are fully comparable between countries. There may be some differences in definition of bonds.
