MIP indicators - Reports on quality

EU Member States provide the Commission (Eurostat) with reports on the quality of data transmitted on the base of Article 12 – Statistical quality of the Regulation (EC) No 223/2009 on European statistics (which was amended by Regulation (EU) No 2015/759).

The Macroeconomic Imbalance Procedure (MIP) is a surveillance mechanism that aims to identify potential macroeconomic risks early on, prevent the emergence of harmful macroeconomic imbalances and correct the imbalances that are already in place. It is therefore a system for monitoring economic policies and detecting potential harm to the proper functioning of the economy of a Member State, of the Economic and Monetary Union, and of the European Union as a whole.

In order to detect potentially harmful imbalances and competitiveness losses at an early stage of their emergence, a scoreboard has been implemented. It consists of a combination of stock and flow indicators which can capture both short-term rapid deteriorations as well as the long-term gradual accumulation of imbalances.

MIP indicators is based on macroeconomic statistics. European legal framework is defined in:

• Regulation (EU) No 472/2013 on the strengthening of economic and budgetary surveillance of Member States in the euro area experiencing or threatened with serious difficulties with respect to their financial stability; Regulation (EU) No č. 473/2013 on common provisions for monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficit of the Member States in the euro area; and the Treaty on stability, coordination and governance;
• Regulation (EU) No 1176/2011 on the prevention and correction of macroeconomic;
• Regulation (EU) No 1174/2011 on enforcement measures to correct excessive macroeconomic imbalances in the euro area;
• Regulation (EU) No 549/2013 on the European system of national and regional accounts in the European Union

Those statistics stem from several domains (Balance of payments and International investment position, National accounts, Housing price indicators, Labour force survey, Government finance statistics).

The quality assurance framework for the Macroeconomic imbalance procedure (MIP) follows a three-level structure:

The first level assesses the reliability and comparability of MIP underlying statistics and addresses relevant quality issues; it also enhances the communication on quality assurance of MIP statistics towards the European Parliament and Council, policy makers and the public at large.

The second level consists of domain-specific quality reports produced by Eurostat and the ECB summarising the main findings for the euro area or the EU Member States. Reports assess the underlying compilation process and its robustness, describe its legal basis and evaluate whether the statistics are in line with international statistical standards.

The third level consists of national quality reports (self-assessments) produced by the institutions compiling the national statistics. In the case of the Czech Republic, it is created by the Czech Statistical Office (CZSO) together with the Czech National Bank (CNB). The CZSO is primarily responsible for compilation of annual financial accounts. The CNB is responsible for compilation of quarterly financial accounts except government financial accounts.

The national quality report is elaborated only in the English language and is updated regularly once a year.  Published on the CMFB website „Quality assurance of statistics underlying the Macroeconomic Imbalances Procedure (MIP) Scoreboard“, in the section Level 3: national self-assessment reports (domain Financial Accounts). National report provides information on quality, sources and methods, together with information on the statistical processes used for compiling macroeconomic indicators. It is also publicly available on the CZSO website.