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In the context of the review of the EU’s economic governance framework, relaunched as the recovery from the COVID-19 pandemic has taken hold, DG ECFIN organises a half-day online workshop on 8 December 2021 on “Taking stock of the experience with the Macroeconomic Imbalance Procedure”, with accredited speakers from international organisations, central banks, think tanks and the private sector. ECFIN Deputy Director General Declan Costello will open the event. The workshop will feature two discussion panels: the first panel will focus on difficulties related to detecting harmful macroeconomic imbalances, also in light of changes triggered by the pandemic. The second panel will explore ways in which the effectiveness and policy traction of macroeconomic surveillance could be enhanced. The ensuing discussion will focus on the role, design and enforcement of future EU surveillance of macroeconomic imbalances.


  • 8 Dezember: 15.00 - 15.10 (Europe/Brussels)

    Welcome address, Declan Costello (European Commission – Deputy Director General DG ECFIN)

  • 8 Dezember: 15.10 - 15.25

    The Commission review of the Macroeconomic Imbalance Procedure, Christine Frayne and Stefan Kuhnert (European Commission)

  • 8 Dezember: 15.25 - 16.30

    Panel 1. Detecting macroeconomic imbalances
    What is needed for an effective framework to detect imbalances?
    Does the Macroeconomic Imbalance Procedure (MIP) cover the most economically relevant sources of imbalances? What improvements are possible and needed?
    Does the COVID-19 crisis bring up new sources of concern that require an adaptation of the MIP?
    Chair: Christine Frayne (European Commission)

    • Marion Amiot (S&P Global Ratings)
    • Matthieu Bussière (Central Bank of France and Paris School of Economics)
    • Paul van den Noord (Amsterdam School of Economics)
    • Pau Rabanal (IMF)
  • 8 Dezember: 16.30 - 17.35

    Panel 2. An effective surveillance framework on macroeconomic imbalances
    Was the MIP effective in a) setting the agenda for discussion and b) effecting policy change?
    Have the recommendations issued to countries with imbalances been appropriate and are there avenues for improvement?
    How can the MIP be improved going forward?
    Chair: Géraldine Mahieu (European Commission)

    • Daniel Gros (CEPS)
    • Isabell Koske (OECD)
    • Stefano Micossi (Assonime and LUISS)
    • Isabel Vansteenkiste (European Central Bank)
  • 8 Dezember: 17.35 - 17.45

    Concluding remarks, Declan Costello (European Commission – Deputy Director General DG ECFIN)

Practical information

8 December 2021, 15.00 - 17.45 (CET)