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Auditors criticise EU economic governance implementation
By EUobserver
The EU Court of Auditors said on Tuesday that the Macroeconomic Imbalance Procedure, the mechanism to correct problems in member states economic policies, was "well-designed but not implemented effectively." They said in a report that European Commission recommendations were not implemented thoroughly and that "the systematic non-activation of the excessive imbalance procedure has reduced the credibility and effectiveness" of the mechanism.