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Macroeconomic monitoring and fiscal surveillance

JRC provides scientific support to European Commission policy process and decision-making in relation to the broad area of the macroeconomic monitoring and fiscal surveillance. This is achieved by developing a wide range of macro-econometric models.

Macroeconomic monitoring, fiscal surveillance, forecasting and nowcasting

JRC develops a wide range of macro-econometric models, to support the European Commission in the broad area of the macroeconomic monitoring and fiscal surveillance. The JRC's research is published in technical reports and academic journals and regularly informs policy making.

  • The JRC and DG ECFIN jointly develop the macro-economic model GM (Global Multi-country model), that is used for the macroeconomic monitoring and forecasting in the context of the European Semester. The JRC also contributed to the estimation of different versions of DG ECFIN’s QUEST III model.
  • The JRC develops the Output GAP program, implementing the output gap calculation method (EUCAM).
  • The JRC also provides Euro Area Macroeconomic Real-time Monitoring with its Nowcasting.

Read more about our work

Image of a globe with graphics representing a global economic model

The GM model is jointly developed by the JRC and DG ECFIN, and it is used for macroeconomic surveillance, monitoring, forecasting, and research.

Table Alarm Clock representing the present moment

Nowcasting methods use real-time data, including big data, to quickly identify changes in GDP and other important indicators. Activities are mainly related to GDP real-time monitoring, inflation forecasting, nowcasting regional economic activity

A computer keyboard with "Output gap" written in one of the keys

The output gap is one main ingredient in the calculation of the cyclically-adjusted budget balance of the EU Member States.

A sort of a compass having as background an old map

QUEST is the global macroeconomic model that the Directorate General for Economic and Financial Affairs (DG ECFIN) uses for macroeconomic policy analysis and research.

a 3d globe surrounded by bar charts sorting from the screen of a laptop

Check all the events (coming and past) organised by the Macroeconomic monitoring and fiscal surveillance team.


Further information can be obtained from:

  • Global Multi-country Model: Marco [dot] RATTOatec [dot] europa [dot] eu (Marco Ratto) and Beatrice [dot] PATARACCHIAatec [dot] europa [dot] eu (Beatrice Pataracchia)
  • Nowcasting: Luca [dot] ONORANTEatec [dot] europa [dot] eu (Luca Onorante)
  • QUEST: Marco [dot] RATTOatec [dot] europa [dot] eu (Marco Ratto)(estimated versions of QUEST)
  • Econometric software: GLUEWIN (Marco [dot] RATTOatec [dot] europa [dot] eu (Marco Ratto)), BUSY (alessandro [dot] rossi1atec [dot] europa [dot] eu (subject: Download%20the%20GAP%20software) (Alessandro Rossi) and christophe [dot] planasatec [dot] europa [dot] eu (subject: Download%20the%20GAP%20software) (Christophe )christophe [dot] planasatec [dot] europa [dot] eu (subject: Download%20the%20GAP%20software) (Planas))

To find out more about the JRC's work on similar topics, explore the related JRC portfolios: