Ensuring the quality of statistics underlying the macroeconomic imbalance procedure (MIP)
The macroeconomic imbalance procedure (MIP) is part of the European Semester which provides a framework for the coordination of economic policies across the European Union.
The European Statistical System (ESS), and in particular Eurostat, together with the European System of Central Banks (ESCB) and the ECB, contribute to the harmonised production of data used in the context of the MIP. They provide the necessary expertise to guarantee the statistical quality of indicators and their availability in a continuous effort to reflect economic and social developments. It is of the outmost importance that the statistics underlying the MIP remain fit for purpose in this crucial policy context in which imbalances are identified and the progress of countries is monitored on the basis of the best possible data quality.
European macroeconomic statistics are developed, produced and disseminated by the ESS and the ESCB within their respective spheres of competence. Close cooperation on quality assurance of the statistics underlying the MIP is ensured by the Memorandum of Understanding (MoU) signed between Eurostat and the ECB’s Directorate General Statistics in November 2016.The quality assurance framework for the statistics underlying the MIP is organised in a three-level structure:
First level – An annual quality assessment report communicating key messages on the reliability and comparability of statistics underlying the MIP to the European Parliament, the European Council, policymakers and the general public.
- ESS – ESCB Quality assessment reports on statistics underlying the macroeconomic imbalance procedure
Second level – Domain-specific quality reports produced by Eurostat and the ECB for the euro area and/or EU Member States, as required by law. The report summarise main properties and findings regarding the legal basis for and compliance with European and international statistical standards, compilation processes and robustness of statistics in various macroeconomic domains.
- balance of payments and international investment position
- national accounts
- housing price indicators
- Labour Force Survey
- government finance statistics
Third level – National quality reports (self-assessments) produced by the institution compiling the national statistics. Most Members States publish these voluntarily on the website of the Committee of Monetary, Financial and Balance of Payments Statistics (www.cmfb.europa.eu).