Commission concludes in-depth reviews of macroeconomic imbalances in 13 Member States

Background and further information:

The 13 member states were identified in the Alert Mechanism Report published in November 2012. The countries concerned are: Belgium, Bulgaria, Denmark, France, Italy, Hungary, Malta, the Netherlands, Finland, Sweden, Spain, Slovenia and the United Kingdom.

The in-depth reviews found that the macroeconomic adjustment in Europe was proceeding, though with differences in nature and pace among member states. The reviews point to reductions in current account deficits, convergence in unit labour costs, corrections in excessive housing prices and reductions in private sector indebtedness.

However, given different challenges and imbalances, cross-country growth differences were also expected to persist in the forthcoming years.

The European Commission published on 10 April 2013 the finding of in-depth reviews carried out into 13 member states previously identified as showing signs of macroeconomic imbalances.

• Primary Source

European Commission: DG Communication: MEMO/13/322, 10.04.13: Commission concludes in-depth reviews as part of the Macroeconomic Imbalance Procedure http://europa.eu/rapid/press-release_MEMO-13-322_en.htm

European Commission: DG Communication: SPEECH/13/300, 10.04.13: Speaking points by VP Rehn on the in-depth reviews of macroeconomic imbalances in 13 member States http://europa.eu/rapid/press-release_SPEECH-13-300_en.htm

EUObserver, 11.04.13: EU pressure mounts on France over economic 'imbalances' http://euobserver.com/economic/119760

BBC News, 11.04.13: Brussels warns on Spanish and Slovenian 'imbalances' http://www.bbc.co.uk/news/business-22089641

European Commission: DG Economic and Financial Affairs: Economic governance: Macroeconomic Imbalance Procedure http://ec.europa.eu/economy_finance/economic_governance/macroeconomic_imbalance_procedure/index_en.htm

EurActiv, 11.04.13: EU rings the alarm bell for France, Italy, Spain and Slovenia http://www.euractiv.com/euro-finance/commission-rings-alarm-bell-fran-news-519034

Blog: Social Europe Journal, 11.04.13: EU Commission Makes A Mockery Of Imbalance Procedure http://www.social-europe.eu/2013/04/eu-commission-makes-a-mockery-of-imbalance-procedure/

Blog: Social Europe Journal, 18.04.13: France Backsliding On Fiscal Consolidation – About Time Too! http://www.social-europe.eu/2013/04/france-backsliding-on-fiscal-consolidation-about-time-too/

---