Advertisement

Macroeconomic Imbalance Procedure

  • Joaquim Miranda Sarmento
Chapter
Part of the Financial and Monetary Policy Studies book series (FMPS, volume 47)

Abstract

The Macroeconomic Imbalance Procedure has as objectives to detect, a priori, macroeconomic imbalances (preventive arm) and to correct the existing imbalances (corrective arm). It consists of the assessment of a panel of indicators linked with external imbalances, competitiveness, and domestic imbalances. The corrective arm forces the country to be subject to a tighter control and determines the presentation of a plan to correct imbalances.

References

  1. Alcidi C, Gros D (2011) Adjustment difficulties and debt overhangs in the Eurozone periphery. CEPS Working Document, CEPS, Brussels, MayGoogle Scholar
  2. Gros D (2011) Fiscal and monetary policy asymmetries in a common currency area. European Parliament Briefing Note, June. http://www.europarl.europa.eu/document/activities/cont/201106/20110615ATT21432/20110615ATT21432EN.pdf. Accessed 1 June 2017
  3. Gros D (2012) How to deal with macroeconomic imbalances? https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2179785. Accessed June 2017
  4. Gros D, Busse M (2013) The macroeconomic imbalance procedure and Germany: when is a current account surplus an ‘imbalance’? CEPS Policy Briefs 301. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2360470. Accessed 1 June 2017
  5. Gros D, Giovannini A (2014) The “relative” importance of EMU macroeconomic imbalances in the macroeconomic imbalance procedure. Istituto Affari Internazionali, Dokumenti IAI. https://www.files.ethz.ch/isn/178636/iai1402.pdf. Accessed 1 June 2017
  6. Holinski N, Kool C, Muysken J (2012) Persistent macroeconomic imbalances in the euro area: causes and consequences. Fed Reserve Bank St. Louis Rev 94:1–20Google Scholar

Copyright information

© Springer Nature Switzerland AG 2018

Authors and Affiliations

  • Joaquim Miranda Sarmento
    • 1
  1. 1.ISEG Lisbon School of Economics and ManagementUniversity of LisbonLisbonPortugal

Personalised recommendations