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Macroeconomic indicator sets for EU policies: Euroindicators/PEEIs and�Macroeconomic imbalance procedure (MIP) indicators�

Rosa Ruggeri Cannata – Unit C1

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Euroindicators/PEEIs and MIP: Horizontal domains

  • Sets of indicators for policy making
  • Combining indicators from several domains
  • Requirements mainly stemming from source domains: NA and FA, BoP, LM, Prices, GFS…
  • Focus on quality
    • Timeliness
    • Coverage
    • Reliability
    • Comparability
    • Accessibility
  • Harmonisation
  • Promotion of best practices

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The MIP in the European Semester

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MIP legal base

  • Regulation (EU) No 1174/2011 

on enforcement measures to correct excessive macroeconomic imbalances in the euro area

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  • Regulation (EU) No 1176/2011

on the prevention and correction of macroeconomic imbalances

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  • No list of indicators in the regulations (maintained by ECOFIN sub-structures: LIME, EPC)

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Main requirements

  • Requirements covered in the statistical source domains (ESA 2010, BPM6 and Vademecum, EDP, etc.)

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  • Focus on scoreboard indicators

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  • Coverage: last ten years (more for transformed indicators)

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  • Main issues: House Price Index (HPI), some components of Unit Labour Costs (ULC)…

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MIP Scoreboard

External Imbalances

Balance of Payments

    • Current account
    • Net international investment

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Competitiveness

    • Real effective exchange rate (REER)
    • Share of world exports
    • Nominal unit labour cost

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Internal Imbalances

    • House price developments
    • Private sector credit flow
    • Private sector debt
    • General government debt
    • Unemployment rate
    • Total financial sector liabilities

Labour market

    • Activity rate
    • Long term unemployment
    • Youth unemployment

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Quality framework

  • Underlying statistics produced by NSOs and Banks

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  • MoU between Eurostat and ECB
    • Foster cooperation at national level among all data producers

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Euro-indicators/PEEIs

COM/2002/661 Towards improved methodologies for Eurozone statistics and indicators

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PEEI – Principal European Economic Indicators

A sufficiently detailed and comprehensive set of timely and reliable monthly and quarterly statistics for the EU and the Eurozone is indispensable for an independent and credible monetary policy

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PEEIs (as from 2008)

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EFC Status report on Information Requirements in EMU

  • EFC - Economic and Financial Committee
  • Annual status report on information requirements in the EMU
  • Summarises progress and remaining challenges about the quality of the PEEIs
  • Submitted to the Council as part of the Statistical Package
  • Reviewing progress achieved and providing guidance on further work

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More information on:

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Thank you for your attention!