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Climate Change in the EU’s Macroeconomic Imbalance Procedure

Author

Listed:
  • Hungerland Wolf-Fabian

    (Federal Ministry of Economic Affairs and Climate Action, Berlin; and Stanford Program in Berlin, Germany.)

  • Altmeppen Christoph

    (Federal Ministry of Economic Affairs and Climate Action, Berlin, Germany.)

Abstract

EU member states observe an elaborate process to preserve macroeconomic stability: the macroeconomic imbalance procedure (MIP). The MIP is supposed to monitor and prevent macroeconomic imbalances – and if necessary, correct them. It considers a variety of variables to determine the existence of imbalances, e.g. the current account balance or unit labour costs. However, the macroeconomic impact of climate change is ignored. In light of the growing economic risks due to climate change, this article argues that the MIP should consider climate-related risks explicitly to maintain relevance.

Suggested Citation

  • Hungerland Wolf-Fabian & Altmeppen Christoph, 2024. "Climate Change in the EU’s Macroeconomic Imbalance Procedure," Intereconomics: Review of European Economic Policy, Sciendo, vol. 59(3), pages 176-182.
    • Handle: RePEc:vrs:intere:v:59:y:2024:i:3:p:176-182:n:1011
    DOI: 10.2478/ie-2024-0035
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    References listed on IDEAS

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    1. Ademmer Martin & Jannsen Nils & Meuchelböck Saskia, 2023. "Extreme Weather Events and Economic Activity: The Case of Low Water Levels on the Rhine River," German Economic Review, De Gruyter, vol. 24(2), pages 121-144, May.
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    More about this item

    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
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory

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