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The Macroeconomic Imbalance Procedure (MIP)〔(【引用サイトリンク】title=Macroeconomic Imbalance Procedure )〕 was introduced by the European Union in autumn 2011 amidst the economic and financial crisis, and entered into force on 13 December 2011. It is designed to prevent and correct risky macroeconomic developments, such as high current account deficits, unsustainable external indebtedness and housing bubbles. The MIP is part of the EU's so-called 'six-pack' legislation, which aims to reinforce the monitoring and surveillance of macroeconomic policies in the EU and the euro area. ==Procedure== The first step of each yearly round of the MIP is the Alert Mechanism Report prepared by the European Commission. Based on a scoreboard of indicators,〔(【引用サイトリンク】title=MIP Scoreboard )〕 which are not interpreted mechanically, the Commission identifies the countries and issues which require In-Depth Reviews for further economic analysis. The Commission also takes into account relevant data beyond the scope of the scoreboard, when selecting countries for in-depth reviews. Based on these in-depth reviews, the Commission determines if imbalances exist; what the nature of the imbalances is; and judges whether they are persistent, aggravating or unwinding. Depending on the severity of the imbalances the Commission proposes a policy recommendation under either the 'preventive arm' or the 'corrective arm' of the MIP. In the case of countries where an imbalance exists, but is not of an excessive nature, the follow-up to the in-depth review will take place under the preventive arm of the MIP.〔(【引用サイトリンク】title=The MIP framework )〕 It is embedded in the European Semester (the EU's yearly cycle of economic policy coordination). This means that the MIP-relevant recommendation will be integrated in the package of proposals for Country-Specific Recommendations, which aim to provide guidance for national policy making. If the Commission in their In-Depth Review find existence of an excessive imbalance, this might subsequently trigger an Excessive Imbalance Procedure (EIP) under the corrective arm of the MIP. The Commission's decision will be taken in the context of the additional analysis of the "National Reform Programme" and "Stability/Convergence Programme" submitted in April. If the Commission on this basis find the excessive imbalance soon will be mitigated by implementation of effective counter measures, they will refrain to open up an EIP, but the state will still be subject to "a specific and close monitoring of policy implementation" by a separate status report issued a half year later, which will conduct a real-time assessment of implemented action and establish peer pressure towards ensuring the promised reform action is taken by the Member State in concern. On the other hand, if an excessive imbalance that jeopardises the proper functioning of the Economic and Monetary Union is still found to exist by the end of the European Semester, not being properly rectified by the submitted programmes, the Commission will then (upon the same time of its publication of Country-Specific Recommendations) forward a special procedural recommendation to the Council for opening up an EIP. If the Council at its subsequent meeting decides to follow the Commission's recommendation to open up an EIP, the member state concerned will then have to submit a "corrective action plan" to the Council and Commission within a short notice, featuring a detailed roadmap for all specific policy actions with specific deadlines for implementing adequate measures satisfying the received Council recommendation. Surveillance will subsequently be stepped up by the Commission through regular progress reports drawn up by the member state concerned. The enforcement of the Excessive Imbalance Procedure is backed by sanctions for euro area member states (up to 0.1% of GDP), if they repeatedly fail to take agreed action or to deliver a sufficient "corrective action plan". Since the entry into force of the EIP regulation on 13 December 2011, the Council however never has launched any Excessive Imbalance Procedure. Two main reasons exist for no launched EIP's. The first reason, was that all of the seven states identified to have excessive imbalance through 2013-15, succeeded to present sufficient counter measures when submitting their next year reform programme. The second reason, was that the most fragile and imbalanced "Programme countries" at the height of their imbalances received macroeconomic financial support from EFSM/EFSF/ESM/IMF or the EU Balance of Payments Programme, and thus were not covered at all by the Macroeconomic Imbalance Procedure and the Excessive Imbalance Procedure (instead being tightly monitored by their macroeconomic financial assistance programme). In 2013 the list of "Programme countries" included: Cyprus, Greece, Ireland, Portugal and Romania. In comparison, Spain was not considered to be a "Programme country" in 2013, due to only receiving financial assistance for bank recapitalizations and not any macroeconomic financial assistance.〔 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Macroeconomic Imbalance Procedure」の詳細全文を読む スポンサード リンク
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