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The Macroeconomic Imbalance Procedure – Rationale, Process, Application: A Compendium

European Commission, (2016), “The Macroeconomic Imbalance Procedure – Rationale, Process, Application: A Compendium”, European Commission Institutional Paper 039, 16 Νοεμβρίου

This Compendium takes stock of the implementation of the Macroeconomic Imbalance Procedure (MIP) five years after its introduction. The Compendium presents the MIP rationale; reiterates the legal and procedural aspects of the MIP; discusses principles, criteria and analytical frameworks used in the MIP implementation; and reviews the MIP application in practice. By doing that, this report provides a wealth of information that helps to understand what the MIP is, how it works, and how its application has evolved since its introduction. The objective of this publication is to present the MIP and its implementation in a spirit of transparency, in line with the October 2015 Commission Communication on “On Steps towards completing Economic and Monetary Union” also with a view to future MIP decisions.

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