According to MEPs, the first step towards measuring the EU economy on a wider basis than GDP should be better monitoring and reporting of environmental data. The European Parliament also support the Commission's groundwork towards supplementing "Beyond GDP" economic measure with social and environmental indicators and called for concrete and consistent proposals for indicators that can be monitored by Eurostat.

Jo Leinen, the MEP responsible for the text highlighted after the vote, that now the EU is taking a step towards properly accounting for its natural capital. This is an important contribution to a new welfare index, comprising economic, environmental and social progress in a society.

The legislation aims to aid the collation and comparability of the data, which is already collected by most Member States on a voluntary basis. Member States' reporting of environmental economic accounts to Eurostat -the EU statistical office- will, from 2012, cover air emissions, material flows and environmental taxes that are levied.

The text had already been informally agreed with Council, which also will need to give its formal approval for it.