European Commission to place Greece on enhanced budgetary surveillance

European Commission to place Greece on enhanced budgetary surveillance

The European Commission on Wednesday adopted a decision to activate an enhanced surveillance framework for Greece to support the application of reforms in the country after it emerges from over eight years of European financial trusteeship. Athens will complete its eight-year stability-support programme under the European Stability Mechanism on the 20th of August, thus keeping its place within the Euro Zone and the European Union (EU).

Speaking at a press conference, Commissioners Valdis Dombrovskis and Pierre Moscovici described this as a major achievement, the fruit of the sacrifices made by the Greek people, Greece’s commitment to reforms, and the solidarity of its European partners.

Enhanced surveillance is a post-programme monitoring framework that will enable the Commission to closely follow the economic, budgetary and financial situation in the country and its evolution.

Euro Zone ministers, meeting as the Eurogroup on the 22nd of June, judged it appropriate to activate it because of the lasting nature of the Greek crisis, Greece’s level of indebtedness, the need to pursue the implementation of the structural reforms to sustainably relaunch the economy, and the remaining weakness.

“Enhanced surveillance is not a fourth programme”, Moscovici stressed.

“It does not have any new commitments or conditions,” he added. “It is a framework to support the completion and delivery of ongoing reforms. Why is it so important? Because the recovery in Greece is not an event but a process. “

The Brussels Times

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