Brussels, 07/06/2013 (Agence Europe) - On Friday 7 June, the European Commission unveiled a draft regulation to introduce strict new rules for compiling, monitoring and reporting statistics for the macroeconomic imbalance procedure (MIP). The aim is to ensure that the data used for the MIP are comparable, reliable and of the highest quality, so that member states' macroeconomic imbalances can be efficiently identified and addressed at an early stage. Member states will be required to provide Eurostat with information as laid down in the regulation on European statistics (223/2009), providing details of the sources and methods used to compile the figures. Eurostat will be responsible for ensuring that the quality requirements are met for the statistics submitted by member states, as well as for communicating these data. If Eurostat finds any problems with the MIP statistics it receives, it can express a reservation or amend the data where appropriate. In addition, Eurostat could visit specific member states if it had a concern that the EU statistical standards were not being met. If there is deliberate misrepresentation of MIP statistics by member states, “effective, dissuasive and proportionate” fines of up to 0.05% GDP could be imposed on the member state in question. The draft legislation is flexible enough to allow procedures to be adapted in line with new statistical and economic developments. The new rules would apply equally well if changes to the statistics used for the MIP were necessary. (FG/transl.fl)