MIP statistics quality assessed by ESS-ESCB, areas for improvement
The 12th joint annual quality report by the European Statistical System (ESS) and the European System of Central Banks (ESCB) concludes that macroeconomic statistics underlying the Macroeconomic Imbalance Procedure (MIP) are fit for purpose. It also highlights areas for further improvement in coverage, comparability, accuracy, and timeliness.
Data fit for purpose, but not perfect
The ESS and ESCB jointly produce harmonised data crucial for monitoring macroeconomic imbalances within the EU's Macroeconomic Imbalance Procedure.
This report, benefiting from comments by the Committee for Monetary, Financial and Balance of Payments statistics (CMFB), affirms that the statistics provide sufficient coverage, comparability, accuracy, and timeliness for effective macroeconomic surveillance.
Key areas like Gross Domestic Product (GDP) undergo regular, comprehensive quality assessments, with the latest ESA 2010 quality report published in November 2025.
Balance of payments and international investment position (BOP/IIP) statistics are regularly assessed, including dedicated country visits, to ensure their quality for MIP purposes.
The overall accuracy of labour market statistics is considered high, despite some country-specific variations in response rates, which remain within acceptable ranges and do not compromise overall comparability.
Persistent asymmetries and data gaps
Despite overall positive findings, the report identifies several areas requiring enhanced efforts.
Asymmetries in bilateral BOP/IIP flows and stocks remain a concern, with Eurostat and the ECB recommending increased country participation in FDI Asymmetry Resolution Mechanism meetings.
Valuation and recording of FDI transactions, positions, and income also need further harmonisation.
Inconsistencies between BOP/IIP and the 'Rest of the World' (ROW) account persist, as highlighted in a joint ECB-Eurostat report presented in January 2026.
For financial accounts statistics (FA), improvements are needed in coverage and data sources for Other Financial Institutions (OFIs), and in reducing discrepancies with non-financial sector accounts.
Furthermore, one country still does not deliver housing price data as required by EU regulations, leading Eurostat to use a non-compliant national central bank index, impacting comparability.
A call for intensified national efforts
While the report affirms overall data quality, the persistent issues in cross-country comparability and specific data gaps highlight a critical need for intensified national efforts.
The continued reliance on imperfect data for key policy decisions underscores the urgency of addressing these long-standing statistical challenges.
Without robust, harmonised data, the effectiveness of the MIP in identifying and correcting imbalances remains inherently constrained.