OREANDA-NEWS.  Eurostat, the statistical office of the European Union, publishes today the indicators of the Macroeconomic Imbalances Procedure (MIP) Scoreboard. The MIP is part of the Six-Pack regulation on economic governance adopted by the European Parliament and Council in November 2011.

The MIP Scoreboard provides the statistical support to the annual Alert Mechanism Report released by the European Commission at the start of the European Semester 2016. The Alert Mechanism Report identifies those Member States for which in-depth analyses are required on the basis of an economic reading of the scoreboard indicators. The MIP Scoreboard consists of fourteen indicators relevant for the early detection of existing or emerging macroeconomic imbalances at Member State level. The full data series are available on a regularly updated dedicated section of the Eurostat website.

In 2015 three labour market indicators have been added to the MIP Scoreboard: activity rate, long-term unemployment rate and youth unemployment rate.

The data from National Accounts and Balance of Payments/International Investment Position used for the compilation of the MIP Scoreboard indicators are based on the new statistical standards: the European system of national and regional accounts in the European Union (ESA 2010) and the sixth edition of the IMF's Balance of Payments and International Investment Position Manual (BPM6). The Balance of Payments/International Investment Position data are also affected by the revised treatment of euro banknotes introduced in 2014 and 2015.

MIP relevant statistical data originate from statistical domains with long track records and of recognised quality. Eurostat is the main compiler of data for the MIP Scoreboard indicators. Other data sources are the Commission's Directorate General for Economic and Financial Affairs and the International Monetary Fund.