The commission then published a country-specific report on detailed policy recommendations, covering fiscal consolidation and structural reforms. Moreover, the EU introduced the “Macroeconomic Imbalance Procedure (MIP)” in December 2011, which, as the name suggests, is a surveillance mechanism that aims to prevent and correct macroeconomic imbalances within the EU. This alert system uses a “scoreboard” of 10 indicators as well as detailed country studies.
FATCA requires foreign financial institutions (FFIs) to report directly to the US Internal Revenue Service (IRS) certain information about financial accounts held by US taxpayers, or by foreign entities in which US taxpayers hold a substantial ownership interest. The FFIs would have to enter into a special agreement with the IRS.