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How has the macroeconomic imbalances procedure worked in practice to improve the resilience of the euro area? March 24 2020

Bénassy-Quéré , A. and Wolff, G. (2020) How has the macroeconomic imbalances procedure worked in practice to improve the resilience of the euro area? March 24 2020. UNSPECIFIED.

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    Abstract

    This paper shows how the Macroeconomic Imbalances Procedure (MIP) could be streamlined and its underlying conceptual framework clarified. Implementation of the country-specific recommendations is low; their internal consistency is sometimes missing; despite past reforms, the MIP remains largely a countryby-country approach running the risk of aggravating the deflationary bias in the euro area. We recommend to streamline the scoreboard around a few meaningful indicators, involve national macro-prudential and productivity councils, better connect the various recommendations, simplify the language and further involve the Commission into national policy discussions. This document was prepared for the Economic Governance Support Unit at the request of the ECON Committee.

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    Item Type: Other
    Subjects for non-EU documents: EU policies and themes > Policies & related activities > economic and financial affairs > EMU/EMS/euro
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Bruegel (Brussels) > Other
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 25 Mar 2020 15:35
    Number of Pages: 54
    Last Modified: 25 Mar 2020 15:35
    URI: http://aei.pitt.edu/id/eprint/102656

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