European Commission to activate post-programme framework in Greece to support normalisation

Georgeta Gheorghe 11/07/2018 | 15:35

The European Commission has decided to activate a post-programme framework in Greece to support the implementation of agreed reforms following the successful conclusion of the European Stability Mechanism (ESM) stability support programme.

On 20 August, the ESM stability support programme in Greece will end. The country will thus manage to keep its place in the euro area and the European Union.

According to the Commission, the move facilitates Greece’s normalisation, building on the progress already made. The program will support the completion, delivery and continued implementation of reforms agreed under the programme, while taking into account the commitments of the Greek authorities.

“The 20th of August will mark a new beginning for Greece. It is important for the country to continue with prudent fiscal and macroeconomic policies, as well as to complete the agreed reforms. Enhanced surveillance is there to help Greece build confidence with markets, investors and companies: they all want stability and predictability. This is the way to attract more investment and ensure sustainable growth, which will bring new jobs and lead to better living and social conditions for the Greek people,” Valdis Dombrovskis, Vice-President for the Euro and Social Dialogue, also in charge of Financial Stability, Financial Services and Capital Markets Union, said.      

Commissioner for Economic and Financial Affairs, Taxation and Customs Pierre Moscovici, said: “Greece is now able to stand on its own two feet; that does not mean that it must stand alone. Europe will remain engaged and committed to supporting the country, and so will the European Commission. Today’s decision is about just that. Enhanced surveillance is not a fourth programme: it involves no new commitments or conditions. It is a framework to support the completion and delivery of ongoing reforms. Why is that so important? Because Greece’s recovery is not an event: it is a process.”

The decision follows the agreement reached at the Eurogroup on 22 June.

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