Legislation - Macroeconomic Imbalance Procedure
The rules on the economic governance, introduced through the Six Pack, the Two Pack (Regulation (EU) No 472/2013 and Regulation (EU) No 473/2013) and the Treaty on stability, coordination and governance are grounded in the European Semester, the EU's annual cycle of economic policy guidance and surveillance.
The fully-fledged mechanism for the prevention and correction of macroeconomic imbalances is made up of:
- Regulation (EU) No 1176/2011 of 16 November 2011 on the prevention and correction of macroeconomic imbalances - sketching out the excessive imbalances procedure;
- Regulation (EU) No 1174/2011 of 16 November 2011 on enforcement measures to correct excessive macroeconomic imbalances in the euro area - focusing on the associated enforcement measures.
The statistcs underlying the MIP indicators are also covered by EU legislation. Links to all the relevant domains can be found here: