NEW DEVELOPMENTS AND REFORM PROPOSALS OF THE MACROECONOMIC IMBALANCE PROCEDURE
The European Union (EU) has had a five-year experience with the Macroeconomic Imbalance Procedure (MIP) that was introduced by the European Commission in December 2011 as a response to accumulation of huge imbalances with the EU and the euro area. This paper evaluates results of the MIP and aims to...
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| Format: | Article |
| Language: | English |
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University of Applied Sciences in Bielsko-Biała
2016-12-01
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| Series: | Zeszyty Naukowe Wyższej Szkoły Finansów i Prawa w Bielsku-Białej |
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| Online Access: | https://ssl.wsfip.edu.pl/index.php/asej/article/view/447 |
| _version_ | 1797246166352527360 |
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| author | Daniel Stavarek |
| author_facet | Daniel Stavarek |
| author_sort | Daniel Stavarek |
| collection | DOAJ |
| description | The European Union (EU) has had a five-year experience with the Macroeconomic Imbalance Procedure (MIP) that was introduced by the European Commission in December 2011 as a response to accumulation of huge imbalances with the EU and the euro area. This paper evaluates results of the MIP and aims to examine what kind of imbalances have been revealed by the MIP, evaluate the current settings of the MIP and propose reforms that would enhance functioning and applicability of the MIP in practice. Based on results published in Alert Mechanism Reports and In-Depth Reviews and evaluation of the yearly cycle of the MIP, we propose several reforms and changes in the MIP and the scoreboard of indicators in particular. We bring forward a concept of relative thresholds that reflect economic development much better than currently applied absolute thresholds. Moreover, we recommend modification of some of the indicators involved in the MIP and introduction of maximally three flagship indicators that would receive special attention in assessment of the risk stemming from macroeconomic imbalances. |
| first_indexed | 2024-04-24T19:38:29Z |
| format | Article |
| id | doaj.art-4b44e4da2e274e858e9c478e6030fb47 |
| institution | Directory Open Access Journal |
| issn | 2543-9103 2543-411X |
| language | English |
| last_indexed | 2024-04-24T19:38:29Z |
| publishDate | 2016-12-01 |
| publisher | University of Applied Sciences in Bielsko-Biała |
| record_format | Article |
| series | Zeszyty Naukowe Wyższej Szkoły Finansów i Prawa w Bielsku-Białej |
| spelling | doaj.art-4b44e4da2e274e858e9c478e6030fb472024-03-25T11:33:31ZengUniversity of Applied Sciences in Bielsko-BiałaZeszyty Naukowe Wyższej Szkoły Finansów i Prawa w Bielsku-Białej2543-91032543-411X2016-12-01204NEW DEVELOPMENTS AND REFORM PROPOSALS OF THE MACROECONOMIC IMBALANCE PROCEDUREDaniel StavarekThe European Union (EU) has had a five-year experience with the Macroeconomic Imbalance Procedure (MIP) that was introduced by the European Commission in December 2011 as a response to accumulation of huge imbalances with the EU and the euro area. This paper evaluates results of the MIP and aims to examine what kind of imbalances have been revealed by the MIP, evaluate the current settings of the MIP and propose reforms that would enhance functioning and applicability of the MIP in practice. Based on results published in Alert Mechanism Reports and In-Depth Reviews and evaluation of the yearly cycle of the MIP, we propose several reforms and changes in the MIP and the scoreboard of indicators in particular. We bring forward a concept of relative thresholds that reflect economic development much better than currently applied absolute thresholds. Moreover, we recommend modification of some of the indicators involved in the MIP and introduction of maximally three flagship indicators that would receive special attention in assessment of the risk stemming from macroeconomic imbalances. https://ssl.wsfip.edu.pl/index.php/asej/article/view/447macroeconomic imbalancerelative thresholdsscoreboardeconomic surveillance |
| spellingShingle | Daniel Stavarek NEW DEVELOPMENTS AND REFORM PROPOSALS OF THE MACROECONOMIC IMBALANCE PROCEDURE Zeszyty Naukowe Wyższej Szkoły Finansów i Prawa w Bielsku-Białej macroeconomic imbalance relative thresholds scoreboard economic surveillance |
| title | NEW DEVELOPMENTS AND REFORM PROPOSALS OF THE MACROECONOMIC IMBALANCE PROCEDURE |
| title_full | NEW DEVELOPMENTS AND REFORM PROPOSALS OF THE MACROECONOMIC IMBALANCE PROCEDURE |
| title_fullStr | NEW DEVELOPMENTS AND REFORM PROPOSALS OF THE MACROECONOMIC IMBALANCE PROCEDURE |
| title_full_unstemmed | NEW DEVELOPMENTS AND REFORM PROPOSALS OF THE MACROECONOMIC IMBALANCE PROCEDURE |
| title_short | NEW DEVELOPMENTS AND REFORM PROPOSALS OF THE MACROECONOMIC IMBALANCE PROCEDURE |
| title_sort | new developments and reform proposals of the macroeconomic imbalance procedure |
| topic | macroeconomic imbalance relative thresholds scoreboard economic surveillance |
| url | https://ssl.wsfip.edu.pl/index.php/asej/article/view/447 |
| work_keys_str_mv | AT danielstavarek newdevelopmentsandreformproposalsofthemacroeconomicimbalanceprocedure |