Alert Mechanism Report 2023

Author (Corporate)
Series Details COM (2022) 781
Publication Date 22/11/2022
Content Type


Annual Alert Mechanism Report (AMR) published by the European Commission on 22 November 2022 as part of the Autumn Package of the 2023 European Semester.

Further information:

The AMR is a screening measure aimed at detecting potential macroeconomic imbalances. The procedure aims at detecting, preventing and correcting imbalances that are adversely affecting, or have the potential to adversely affect, the proper functioning of the economy of a Member State, or of the Economic and Monetary Union (EMU), or of the European Union (EU) as a whole, and at eliciting appropriate policy responses.

This years' report initiates the twelfth annual round of the Macroeconomic Imbalance Procedure (MIP). It considers the evolution of imbalances at a time when the EU economy is moving from a recovery from the COVID-19 (coronavirus) pandemic to a strong slowdown in growth amid inflationary pressures. Since the launch of Russia’s invasion of Ukraine in February 2022, sharp increases in energy costs resulted in a strong deterioration in the outlook for the EU economy. The outlook is marked by a combination of high inflation, and declining consumer and producer confidence. The report concludes that in-depth reviews are warranted for 17 Member States.

The AMR was prepared in accordance with Articles 3 and 4 of Regulation (EU) No 1176/2011 on the prevention and correction of macroeconomic imbalances. It was published as part of the Autumn Package of the 2023 European Semester. The Council of the European Union adopted conclusions on this report on 17 January 2023.

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Related Links
EUR-LEX: SWD(2022)381: Staff Working Document accompanying the Report - Statistical Annex
European Commission: Press Release, 22/11/2022: Economic policy coordination: Commission sets out guidance to help tackle the energy crisis and make Europe greener and more digital
General Secretariat of the Council: Alert Mechanism Report 2023 ‒ Draft Council conclusions (6 January 2023)

ESO Records
2023 European Semester Autumn Package

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