The statistical backbone of the new European economic governance: the Macroeconomic Imbalance Procedure Scoreboard

  • Gilles RaveaudEmail author
Part of the Logic, Argumentation & Reasoning book series (LARI, volume 13)


The Macroeconomic Imbalance Procedure Scoreboard monitors economic developments in member states in order to anticipate and avoid future crises. The Scoreboard focus on “competitiveness”, paying much attention to the external position of economies and wage developments occurring in member states. In so doing, it encourages policies such as the decentralisation of wage bargaining that increase inequalities while having no clear effect on job creation. And when the Scoreboard addresses unemployment, it is in order to denounce the “rigidities” of the “labour market”. Finally, the Scoreboard ignores the roots of the current economic stagnation in Europe, namely excess profits and high inequalities, which are the true disequilibria from which Europe suffers and which impedes economic recovery, while the increase in the share of profits of the past decades has not led to the expected rise in private investment and private employment.


Member State Foreign Direct Investment Euro Area Wage Bargaining Private Debt 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.


Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.


  1. Askenazy, Ph. (2009, October 5). La France, paradis de l’investisseur. Le Monde Economie. Blanchard, O., & Leigh, D. (2013). Growh Forecast Errors and Fiscal Multipliers. IMF Working Paper, No 13/1.Google Scholar
  2. Council of the European Union (2011). An early warning scoreboard for the surveillance for macroeconomic imbalances. 8 November.Google Scholar
  3. Desrosières, A. (2003). Managing the economy: the State, the Market, and Statistics. In Porter, T. M., Ross D. (Eds.), The Cambridge History of Science, vol. 7, Modern Social and Behavioral Sciences (pp. 553-564). Cambridge: Cambridge University Press,.Google Scholar
  4. Desrosières, A. (2010). Est-il bon, est-il méchant ? Le rôle du nombre dans le gouvernement de la cité néolibérale. Contribution to the seminar L’informazione prima dell’informazione. Conoscenza e scelte pubbliche, University of Milan Bicocca, 27 May.Google Scholar
  5. Damiani, M., Hölscher, J., Pompei, F. (2011). Labour Market Inequalities and the Role of Institutions. European Journal of Comparative Economics, 8(2), 163-173.Google Scholar
  6. ESRB (2011). Views of the ESRB on the Envisaged Scoreboard Indicators Relevant for Financial Market Stability, 9 December.Google Scholar
  7. Eurofound (2010). Working Poor in Europe. Dublin.Google Scholar
  8. European Commission (2007). Employment in Europe 2007, chapter 5, « The Labour Income Share in the European Union ».Google Scholar
  9. European Commission (2011). Scoreboard for the surveillance of macroeconomic imbalances: Envisaged initial design, Commission staff working paper, SEC(2011) 1361.Google Scholar
  10. European Commission (2012a). Completing the Scoreboard for the MIP: Financial Sector Indicator, Commission Staff Working Document, SWD(2012) 389.Google Scholar
  11. European Commission (2012b). Report on the Alert Mechanism Report 2013, COM(2012) 751.Google Scholar
  12. European Council (2011, April 20). Conclusions.Google Scholar
  13. European Parliament (2011). European Parliament resolution of 15 December 2011 on the Scoreboard for the surveillance of macroeconomic imbalances: envisaged initial design.Google Scholar
  14. Fitoussi, J.-P., & Saraceno, F. (2012). European economic governance: the Berlin-Washington consensus., OFCE Working Paper, No 2012-20.Google Scholar
  15. Gaulier, G., Taglioni, D., Vicard, V. (2012). Tradable Sectors in Eurozone Periphery Countries Did Not Underperform in the 2000s. Accessed 8 March 2016.
  16. Gros, D. (2012). Macroeconomic Imbalances in the Euro Area: Symptom or Cause of the Crisis?. CEPS Policy Brief, 266, April.Google Scholar
  17. Herndon, Th., Ash, M., Pollin, R. (2013). Does High Public Debt Consistently Stifle Economic Growth? A Critique of Reinhart and Rogoff. PERI Working Paper, 322, April.Google Scholar
  18. Husson, M. (2010). Le partage de la valeur ajoutée en Europe. Revue de l’IRES, 64, 2010/1, 47-91.Google Scholar
  19. Inequality Watch (2012, 4 June). The Evolution of Income Inequalities in Germany. Accessed 8 March 2016.
  20. Inman, P. (2013, 6 May). Paul Krugman’s call to arms against austerity. The Guardian.Google Scholar
  21. Janssen, R. (2013). Indexation of Wages: A Message From The Troika To Belgium, Luxemburg and Malta. Social Europe Journal. Accessed 8 March 2016.
  22. Jeong, S-E., Mazier, J., Saadaoui J. (2010). Exchange rate misalignments at world and European level: a FEER approach. Economie internationale, 121, 25-58.Google Scholar
  23. Kyzyma, I. (2013). Changes in the patterns of poverty duration in Germany, 1992-2009. CEPS/INSTEAD Working Paper, 2013-06.Google Scholar
  24. Kumhof, M., & Rancière, R. (2010). Inequality, Leverage and Crises, IMF Working Paper, WP/10/268.Google Scholar
  25. OECD (2004). Wage setting institutions and outcome. In OECD Employment Outlook (p.127-181). Google Scholar
  26. OECD (2008), OECD Benchmark Definition of Foreign Direct Investment, Paris.Google Scholar
  27. Piketty, T. (2014), Capital in the Twenty-First century, Cambridge: Harvard University Press.Google Scholar
  28. Raveaud, G. (2007). The European Employment Strategy: Towards More and Better Jobs?. Journal of Common Market Studies, 45(2), 411-434.Google Scholar
  29. Regulation (EU) N° 1176/2011 of the European Parliament and the Council of 16 November 2011 on the prevention and correction of macroeconomic imbalances.Google Scholar
  30. Salais, R. (2006). From the unemployment rate to the employment rate in the European Employment Strategy (EES). In M. Jepsen and A. Serrano (Eds.), Unravelling the European social model, Oxford: Polity Press, p. 189-212.Google Scholar
  31. Stiglitz, J. E. (2013) The price of inequality, New York: Norton & Company.Google Scholar
  32. Stiglitz, J. E., Fitoussi J.-P., Bofinger P., G. Esping-Andersen, J.K. Galbraith, I. Grabel, et al. (2014). A call for change. From the crisis to a new egalitarian ideal for Europe. Progressive Economy. Accessed 8 March 2016.
  33. Stockhammer, E., & Onaran, O. (2012). Wage-led growth: Theory, Evidence, and Policy. PERI Working Paper, n° 300.Google Scholar
  34. Zucman, G. (2013). The missing wealth of nations: are Europe and the U.S. net debtors or net creditors?. Quarterly Journal of Economics, 128 (3), 1321-1364.Google Scholar

Copyright information

© Springer International Publishing Switzerland 2016

Authors and Affiliations

  1. 1.Institut d’Etudes Européennes - Université Paris 8 Saint-DenisSaint-DenisFrance

Personalised recommendations