Macroeconomic surveillance

01-01-2018

Over the past decade, the EU has experienced major macroeconomic imbalances (which emphasised the negative effects of the financial crisis that began in 2008) and serious divergences in competitiveness (which prevented the effective use of common monetary policy measures). In 2011 the Macroeconomic Imbalance Procedure (MIP) was set up — a surveillance and enforcement procedure aimed at facilitating early identification and correction of such imbalances in Member States, paying specific attention to those imbalances with potential spill-over effects on other Member States.

Over the past decade, the EU has experienced major macroeconomic imbalances (which emphasised the negative effects of the financial crisis that began in 2008) and serious divergences in competitiveness (which prevented the effective use of common monetary policy measures). In 2011 the Macroeconomic Imbalance Procedure (MIP) was set up — a surveillance and enforcement procedure aimed at facilitating early identification and correction of such imbalances in Member States, paying specific attention to those imbalances with potential spill-over effects on other Member States.