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Economy and Finance

Scoreboard

Information on headline and auxiliary indicators included in the macroeconomic imbalance procedure scoreboard.

Macroeconomic imbalance procedure scoreboard

The analysis in the alert mechanism report (AMR) builds on the economic reading of a scoreboard of 13 headline indicators covering the most relevant areas of macroeconomic imbalances, competitiveness, and adjustment issues. These 13 indicators are complemented by 23 auxiliary indicators providing additional information. The scoreboard is designed to capture the most relevant internal and external aspects of macroeconomic imbalances through a limited set of relevant indicators of high statistical quality.

Scoreboard indicators

The headline indicators consist of the following 13 indicators and indicative thresholds, covering the major sources of macroeconomic imbalances:

  • current account balance as percent of GDP (3-year backward moving average), with thresholds of +6% and -4%.
  • net international investment position as percent of GDP, with a threshold of -35%.
  • real effective exchange rates (3-year percentage change) based on HICP/CPI deflators, relative to 41 other industrial countries, with thresholds of -/+3% for euro area countries and -/+10% for non-euro area countries.
  • export performance against advanced economies (3-year percentage change), with a threshold of -3%.
  • nominal unit labour cost index, per hour worked (3-year percentage change), with thresholds of +9% for euro area countries and +12% for non-euro area countries.
  • general government sector debt in % of GDP with a threshold of 60%.
  • household (incl. NPISH) consolidated debt in % of GDP with a threshold of 55%.
  • NFC consolidated debt in % of GDP with a threshold of 85%.
  • household (incl. NPISH) consolidated credit flow in % of household debt stock in t-1 with a threshold of 14%.
  • NFC (excl. FDI) consolidated credit flow in % of NFC debt stock in t-1 (excl. FDI), with a threshold of 13%.
  • nominal house price (1-year % change), with a threshold of 9%
  • unemployment rate (% of labour force Y15-74), with a threshold of 10%
  • labour force participation rate (3-year change in pps), with a threshold of -0.2%

Data and reports

Scoreboard data platforms

Reference documents on the design of the scoreboard

  • 13 SEPTEMBER 2018
Technical note - Envisaged revision of selected auxiliary indicators of the MIP scoreboard, September 2018
  • 4 SEPTEMBER 2015
Adding employment indicators to the MIP scoreboard to better capture employment and social developments, European Commission note, 4 September 2015
  • 14 NOVEMBER 2012
Completing the Scoreboard for the macroeconomic imbalance procedure: Financial Sector Indicator, European Commission staff working paper, 14 November 2012
  • 8 NOVEMBER 2011
Scoreboard for the surveillance of macroeconomic imbalances: envisaged initial design, European Commission staff working paper, 8 Nov 2011

European Parliament resolution of 15 December 2011 on the scoreboard for the surveillance of macroeconomic imbalances: envisaged initial design

Council conclusions on an early warning scoreboard for the surveillance of macroeconomic imbalances, 8 November 2011