The Macroeconomic Imbalances Procedure (MIP) scoreboard on Eurostat’s web site Item 4 Eurostat Task Force on Annual Financial Accounts Frankfurt, 4 March.

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Presentation transcript:

The Macroeconomic Imbalances Procedure (MIP) scoreboard on Eurostat’s web site Item 4 Eurostat Task Force on Annual Financial Accounts Frankfurt, 4 March 2016

Reminder on the MIP (1) The economic, financial and sovereign debt crisis led to new EU legislation on enhanced economic policy coordination, including a Regulation on the MIP. The MIP is a surveillance mechanism that aims to identify potential risks to EU Member States (as well as to EU and EA), prevent the emergence of harmful macroeconomic imbalances, and correct any imbalances that are already evident. It has a preventive and corrective arm.

Reminder on the MIP (2) An Alert Mechanism Report, produced each November, aims to identify imbalances. The analysis is based on a statistical annex produced by Eurostat (cut-off date 1 November), containing a scoreboard of indicators. Scoreboard is a selection of (currently) 11 indicators with indicative alert thresholds. Data are complemented with "auxiliary indicators“. Annual data are presented over a 10-year period, but AMR considers latest data at any frequency.

MIP indicators from financial accounts Headline Private sector debt (consolidated) Private sector credit flow (consolidated) Total financial sector liabilities [General government gross debt] Auxiliary Private sector debt (non-consolidated) Financial sector leverage

MIP section of Eurostat web site A main objective is transparency: dissemination of indicators, related data, metadata, quality assessment reports, Alert Mechanism Reports, legislation, underlying methodology, and other documentation on Eurostat and ECFIN web sites. The indicators are ‘frozen’ for the purpose of the statistical annex to the AMR, but are otherwise updated simultaneously with publication of the underlying data.