Climate Change in the EU’s Macroeconomic Imbalance Procedure-Reference-Cited by-同舟云学术

Climate Change in the EU’s Macroeconomic Imbalance Procedure

Published:2024-06-01 Issue:3 Volume:59 Page:176-182
ISSN:1613-964X
Container-title:Intereconomics
language:en
Short-container-title:

Author:

Hungerland Wolf-Fabian¹,Altmeppen Christoph²

Affiliation:

1. Federal Ministry of Economic Affairs and Climate Action, Berlin; and Stanford Program in Berlin , Germany .

2. Federal Ministry of Economic Affairs and Climate Action , Berlin , Germany .

Abstract

Abstract EU member states observe an elaborate process to preserve macroeconomic stability: the macroeconomic imbalance procedure (MIP). The MIP is supposed to monitor and prevent macroeconomic imbalances – and if necessary, correct them. It considers a variety of variables to determine the existence of imbalances, e.g. the current account balance or unit labour costs. However, the macroeconomic impact of climate change is ignored. In light of the growing economic risks due to climate change, this article argues that the MIP should consider climate-related risks explicitly to maintain relevance.

Publisher

Walter de Gruyter GmbH

Link

https://www.sciendo.com/pdf/10.2478/ie-2024-0035

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