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Eurogroup, Greece out of the special surveillance regime since August

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Eurogroup, Greece out of the special surveillance regime since August

As of August 20, Greece will leave the EU enhanced surveillance regime to which it has been subjected since the 2010 bailout and will switch to the regular European Semester surveillance cycle. This was announced by the president of the Eurogroup, Paschal Donohoe, and the EU commissioner for the economy, Paolo Gentiloni.

“On Greece, I presented our fourteenth enhanced surveillance report and confirmed to ministers that the Commission does not intend to continue with the enhanced surveillance report beyond August,” explained Gentiloni. Euro area ministers welcomed the proposal.

“This is a key step in the normalization of Greece’s economic surveillance and a testament to the country’s progress during this period,” Gentiloni pointed out, noting that Athens “successfully fulfilled most of the political commitments agreed in 2018 and is firmly committed. to address the remaining points by the end of this year. ” “Effective implementation of the reforms has improved the resilience of the Greek economy and strengthened its financial stability. This significantly reduced the risks of adverse spillover effects,” added the commissioner, then congratulated the Greek people and the authorities. Greek.

“The fact that we are moving towards a positive conclusion of the crisis” experienced by Greece, Gentiloni said shortly after answering a question, “does not mean that no mistakes have been made” in managing the crisis. There are some “lessons to be learned: the unity of the European family, the ability to make quick decisions, which has happened on many occasions, but not always, and the interaction between monetary and fiscal policy” which “is” very important”. “Now – he continued – we have various instruments, including the ESM, we are much stronger, but without unity, without quick decisions and without a serious interaction between monetary and budgetary policies, we will not have learned the real lessons” of the Greek crisis, which was “dramatic” for the Greek people.

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