ECB, (2017), “The 2017 macroeconomic imbalance procedure and implementation of the 2016 country-specific recommendations”, ECB, 21 Μαρτίου
The MIP was introduced in 2011 and is now in its sixth year of application. It seeks to prevent the emergence of harmful macroeconomic imbalances in EU countries and to correct them where they are excessive. Following a screening exercise in autumn each year on the basis of a set of indicators, the European Commission conducts in-depth reviews of selected countries (included in the annual country reports) to assess the severity of any imbalances. If such imbalances are found to exist, the Member State concerned receives policy recommendations from the Council of the European Union – based on recommendations by the European Commission – under the preventive arm of the procedure. Where the imbalances are found to be excessive, the excessive imbalance procedure (EIP) may be initiated following a recommendation to the Council by the Commission.1 Under this corrective arm of the procedure, a corrective action plan must be provided to explain how the excessive imbalances will be addressed. In the event of repeated failures to provide an adequate plan, or if an approved plan is not complied with, the Council may impose financial sanctions on the euro area country in question.
- “The danger of Germany’s current account surpluses: Results of the CFM and CEPR Survey”den Haan, Wouter, Ellison, Martin, Ilzetzki, Ethan, McMahon, Michael, Reis, Ricardo, (2016), , VoxEu, 27 Οκτωβρίου
- Bofinger, Peter,Scheuermeyer, Philipp, (2016), “Income distribution and aggregate saving: New evidence”, VoxEu, 20 Οκτωβρίου