The goals for the period 2008 to 2012 will be to continue further the simplification effort, the harmonisation of the different types of statistics concerning international movements of goods and the balance of payments statistics, while at the same time exploring the possibilities of linking the trade statistics data and nomenclatures with other types of statistics, mainly business statistics or industrial activity nomenclatures.

Balance of payments (BoP) reporting issues were discussed in a number of fora. These included the Committee on Monetary, Financial and Balance of Payments Statistics, Eurostat's Balance of Payments Working Group, and a high-level Joint Task Force on the use of Payments Data for the Balance of Payments Statistics, set up by the European Central Bank (September 2007–January 2008).

The options related to BoP reporting are (4) maintain the existing threshold that exempts payment service providers from reporting on payment transactions below EUR 12 500; (5) create a voluntary Additional Optional Service (AOS) Community within SEPA that would allow the collection of statistical data from settlements to continue; (6) encourage voluntary adjustments by the Member States; and (7) address the BoP reporting problems through legislation, with three sub-options: (7a) raise the exemption threshold to EUR 50 000; (7b) abolish settlement-based BoP reporting obligations imposed on payment service providers; and (7c) raise t ...[+++]he exemption threshold to EUR 50 000 followed, in a second phase, by abolition of BoP reporting based on settlements by January 2012.

It noted the recent progress made towards an agreement with the World Bank as well as the signature of the letter of intent with the IMF in order to meet the immediate needs related to the payment of the foreign debt and the reduction of the balance of payments deficit, thus contributing to regaining the confidence of the international financial markets and to creating an environment conducive to progress towards European integration.

Source: Statistics Canada, Canada's Balance of International Payments , Fourth quarter 1995.

If all that energy is conventional energy, the way that our energy is at the moment — oil and coal, et cetera — this will have a profound effect on the balance of payments and the transfers of wealth around the world and will increase tensions, no question.