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The new EU Macroeconomic Imbalances Procedure and its Relevance for the Candidate Countries

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  • Daniela Bobeva

    (Director of International Relations at the Bulgarian National Bank)

Abstract

The paper presents the main features of the new macroeconomic imbalances procedure (MIP) as well as the MIP scoreboard for the surveillance of macroeconomic imbalances. The main issues under review are the relevance to use the MIP scoreboard as a tool to assess the vulnerabilities and imbalances of the EU candidate countries and whether it is suitable for the candidate countries to use the scoreboard as an early warning tool and a benchmarking tool for the economic policy design. The analysis of the imbalances in the Western Balkan countries suggests that they are not linked to the crisis but more to the restructuring of the economy and the caching-up process. The relative resilience of the crisis proves the flexibility and capabilities for adjustment of those economies.

Suggested Citation

  • Daniela Bobeva, 2013. "The new EU Macroeconomic Imbalances Procedure and its Relevance for the Candidate Countries," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 2(1), pages 69-88.
    • Handle: RePEc:cbk:journl:v:2:y:2013:i:1:p:69-88
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    File URL: http://www.cbcg.me/repec/cbk/journl/vol2no1-4.pdf
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    References listed on IDEAS

    as
    1. International Monetary Fund, 2009. "Malawi: Request for a One-Year Exogenous Shocks Facility Arrangement: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Malawi," IMF Staff Country Reports 2009/016, International Monetary Fund.
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    Cited by:

    1. Ronny Mazzocchi & Roberto Tamborini, 2019. "Current Account Imbalances and the Euro Area: Alternative Views," EconPol Working Paper 27, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    2. Daniela Bobeva & Atanas Atanasov, 2017. "Macroeconomic Imbalances in Euro-and Non-Euro Area Member States," Godishnik na UNSS, University of National and World Economy, Sofia, Bulgaria, issue 1, pages 25-37, December.
    3. Alfredo Arahuetes García & Gonzalo Gómez Bengoechea, 2018. "The Macroeconomic Imbalance Procedure: A useful tool for predicting sovereign crises?," Estudios de Economia, University of Chile, Department of Economics, vol. 45(1 Year 20), pages 79-111, June.
    4. Nina Dodig & Hansjorg Herr, 2015. "EU policies addressing current account imbalances in the EMU: an assessment," Working papers wpaper74, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    5. Torój, Andrzej, 2017. "Managing external macroeconomic imbalances in the EU: the welfare cost of scoreboard-based constraints," Economic Modelling, Elsevier, vol. 61(C), pages 293-311.

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    More about this item

    Keywords

    Macroeconomic imbalances procedure; scoreboard; imbalances; the Western Balkan countries;
    All these keywords.

    JEL classification:

    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • E66 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General Outlook and Conditions
    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management

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