Macroeconomic Imbalance Procedure

The Macroeconomic Imbalance Procedure (MIP)^[1] is a set of European Union regulations designed to prevent and correct risky macroeconomic developments within EU member states, such as high current account deficits, unsustainable external indebtedness and housing bubbles. It was introduced by the EU in autumn 2011 amidst the economic and financial crisis, and entered into force on 13 December 2011. The MIP is part of the EU's "Sixpack" legislation, which aims to reinforce the monitoring and surveillance of macroeconomic policies in the EU and the euro area.