A broad set of indicators for early detection of macroeconomic imbalances

Eurostat, the statistical office of the European Union, publishes today the indicators of the Macroeconomic Imbalance Procedure (MIP) Scoreboard. The MIP is part of the Six-Pack regulation on economic governance adopted by the European Parliament and Council in November 2011.

The MIP Scoreboard provides the statistical support to the annual Alert Mechanism Report released by the European Commission at the start of the European Semester 2021. The Alert Mechanism Report identifies those Member States for which in-depth analyses are required on the basis of an economic reading of the scoreboard indicators. The MIP Scoreboard consists of fourteen indicators relevant for the early detection of existing or emerging macroeconomic imbalances at Member State level. The full data series are available on the regularly updated MIP dedicated section of the Eurostat website.

The data from National Accounts and Balance of Payments/International Investment Position used for the compilation of the MIP Scoreboard indicators are based on the European System of National and Regional Accounts in the European Union (ESA 2010) and the sixth edition of the IMF’s Balance of Payments and International Investment Position Manual (BPM6).

MIP-relevant statistical data originate from statistical domains with long track records and of recognised quality. Eurostat collects the data for MIP Scoreboard indicators from Member States. Other data sources are the Commission’s Directorate General for Economic and Financial Affairs and the International Monetary Fund.

The cut-off date for the data, that is the date on which the data were extracted from the Eurostat database, was 23rd October 2020. Data are for 2019.