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

EU News 176/2013

Brussels, 10 April 2013

The Commission has today published the findings of the in-depth reviews carried out into 13 Member States identified in last November’s Alert Mechanism Report as showing signs of macroeconomic imbalances.


The in-depth reviews have found that the macroeconomic adjustment in Europe is 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 are expected to persist in the coming years.

The weakness of economic activity and the fragile economic outlook in some cases may have aggravated both the risks and the cross-country spillovers related to macroeconomic imbalances. Moreover, in most cases the adjustment is not yet complete. Many EU economies continue to face significant challenges in the form of external liabilities, private sector indebtedness and ongoing adjustments in housing markets. Overcoming these challenges will impact the ability of the indebted economies to grow and compete, to ensure financial stability and, fundamentally, to reduce unemployment.

The macroeconomic imbalances in several Member States need to be closely monitored. They demand a decisive commitment to structural reform in order to ensure that they are unwound as smoothly as possible and that the conditions can be created for sustainable growth and job creation.

Source and additional information:

Olli Rehn Date: 10/04/2013 Reference: P-023022/00-04 (C)EU, 2013 URL