New Developments and Reform Proposals of the Macroeconomic Imbalance Procedure

Kód výsledku v 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>

Výsledek na webu

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DOI - Digital Object Identifier

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Jazyk výsledku

angličtina

Název v původním jazyce

New Developments and Reform Proposals of the Macroeconomic Imbalance Procedure

Popis výsledku v původním jazyce

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.

Název v anglickém jazyce

New Developments and Reform Proposals of the Macroeconomic Imbalance Procedure

Popis výsledku anglicky

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.

Druh

D - Stať ve sborníku

CEP obor

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OECD FORD obor

50206 - Finance

Projekt

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Návaznosti

S - Specificky vyzkum na vysokych skolach

Rok uplatnění

2016

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název statě ve sborníku

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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Počet stran výsledku

10

Strana od-do

649-658

Název nakladatele

Silesian University

Místo vydání

Karviná

Místo konání akce

Petrovice u Karviné

Datum konání akce

14. 9. 2016

Typ akce podle státní příslušnosti

EUR - Evropská akce

Kód UT WoS článku

000403638200068