Macroeconomic imbalances in one EU country, such as a large current account deficit or a real estate bubble, can have detrimental effects on other EU countries. This became evident during the global financial crisis. For this reason, the Macroeconomic Imbalance Procedure (MIP) was introduced in 2011. It enables the enhanced surveillance of countries identified with excessive imbalances as part of the the Excessive Imbalance Procedure (EIP).