How has the macro-economic imbalances procedure worked in practice to improve the resilience of the euro area?
Estudio
11-03-2020
This paper shows how the Macroeconomic Imbalances Procedure (MIP) could be streamlined and its underlying conceptual framework clarified. Implementation of the country-specific recommendations is low; their internal consistency is sometimes missing; despite past reforms, the MIP remains largely a country-by-country approach running the risk of aggravating the deflationary bias in the euro area. We recommend to streamline the scoreboard around a few meaningful indicators, involve national macro-prudential and productivity councils, better connect the various recommendations, simplify the language and further involve the Commission into national policy discussions.
Estudio
Autor externo
Agnès BÉNASSY-QUÉRÉ, Guntram WOLFF
Acerca de este documento
Tipo de publicación
Ámbito político
Palabra clave
- análisis económico
- ASUNTOS FINANCIEROS
- Comisión PE
- construcción europea
- deflación
- documentación
- ECONOMÍA
- economía monetaria
- EDUCACIÓN Y COMUNICACIÓN
- estabilidad financiera
- informe de investigación
- instituciones de la Unión Europea y función pública europea
- libre circulación de capitales
- macroeconomía
- política de la UE - política nacional
- política económica
- relaciones monetarias
- riesgo financiero
- Unión Económica y Monetaria
- UNIÓN EUROPEA
- zona euro