New Developments and Reform Proposals of the Macroeconomic Imbalance Procedure

Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F47813059%3A19520%2F16%3A00010618" target="_blank" >RIV/47813059:19520/16:00010618 - isvavai.cz</a>
Result on the web
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DOI - Digital Object Identifier
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Result language
angličtina
Original language name
New Developments and Reform Proposals of the Macroeconomic Imbalance Procedure
Original language description
The European Union (EU) has had a five-year experience with the Macroeconomic Imbalance Procedure (MIP) that was introduced by the European Commission in December 2011 as a response on accumulation of huge imbalances with the EU and the euro area. This paper evaluates results of the MIP and aims to examine what kind of imbalances have been revealed by the MIP, evaluate the current settings of the MIP and propose reforms that would enhance functioning and applicability of the MIP in practice. Based on results published in Alert Mechanism Reports and In-Depth Reviews and evaluation of the yearly cycle of the MIP we propose several reforms and changes in the MIP and the scoreboard of indicators in particular. We bring forward a concept of relative thresholds that reflect the economic development much better than currently applied absolute thresholds. Moreover, we recommend modification of some of the indicators involved in the MIP and introduction of maximally three flagship indicators that would receive special attention in assessment of the risk stemming from macroeconomic imbalances.
Czech name
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Czech description
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Publication year
2016
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Article name in the collection
Proceedings of 16th International Conference Economic Policy in the European Union Member Countries
ISBN
978-80-7510-210-2
ISSN
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e-ISSN
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Number of pages
10
Pages from-to
649-658
Publisher name
Silesian University
Place of publication
Karviná
Event location
Petrovice u Karviné
Event date
Sep 14, 2016
Type of event by nationality
EUR - Evropská akce
UT code for WoS article
000403638200068

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