text: Regulation 1177/2011 amended the corrective arm (Regulation 1467/97), with a new debt reduction rule being introduced and operationalised (see subchapter below), and the Excessive Deficit Procedure being modified. On one side, each procedural step was subjected to precise and bounding timing. On the other side, the flexibility clauses listed in Art. 126(3) were better specified to reduce enforcement uncertainty.
  Regulation 1176/2011 introduced the Macroeconomic Imbalance Procedure (MIP), a new procedure based on the macroeconomic clauses of the treaties. This procedure is not concerned with budgetary rules, but with the reduction of "macroeconomic imbalances". The latter consists of economic trends experienced by one member state that can upset the normal functioning of the economy. An example of such trends might be the development of a housing bubble like the one that busted in Ireland in 2010, or of an uncontrolled current account surplus or deficit.
  Regulations 1173/2011 and 1174/2011 modified the framework for the imposition of sanctions in the context of both the EDP and the MIP. A semi-automatic mechanism was introduced: the establishment of a budgetary infringement would trigger a fining decision within the Council unless a qualified majority vote expresses a contrary opinion. Furthermore, as the infringements persist, less afflictive sanctions (such as interest-bearing deposits) are automatically transformed into more afflictive ones (either non-interest-bearing deposits or fines).