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Eurostat publishes latest indicators for early detection of macroeconomic imbalances
Eurostat, the statistical office of the European Union, publishes today the indicators of the Macroeconomic Imbalances Procedure (MIP) Scoreboard. The MIP is part of the Six-Pack regulation on economic governance adopted by the European Parliament and Council in November 20111.
The MIP Scoreboard, based on data as of 1 November 20132, provide the statistical support to the annual Alert Mechanism Report3 released by the European Commission at the start of the European Semester. The Alert Mechanism Report contains a macroeconomic reading of potential imbalances and identifies those Member States for which in-depth analyses are required.
The Scoreboard consists of eleven headline indicators relevant for the early detection of existing or emerging macroeconomic imbalances at Member State level. The full data series are available on a regularly updated dedicated section of the Eurostat website4. Compared to 2012, the definition of some scoreboard indicators5 has been modified to better meet user needs.
Overall, the MIP relevant data are part of statistical domains (National Accounts, Balance of Payments, Labour Market Statistics, etc.) with long track records and of recognised quality. A few specific points are noted in the annexed table of data. Eurostat is the main provider of data for the MIP Scoreboard indicators. Some data are also provided by the Commission's Directorate General for Economic and Financial Affairs, the European Central Bank and the International Monetary Fund.
