Commission for Greece’s exit from enhanced supervision: The resilience of the economy has improved significantly

THE European Commission confirmed today that as of August 20, Greece exits the regime of enhanced supervision.

After exchanges with the Greek authorities, among others at the Eurogroup meeting of June 16, the Commission in its announcement emphasizes that it recognizes that Greece has fulfilled most of its policy commitments to the Eurogroup upon its exit from the economic adjustment program in June 2018 and that it has achieve effective implementation of reforms, even under the difficult conditions created by the COVID-19 pandemic and more recently, by Russia’s military offensive against Ukraine. The Commission also notes that, as a result of Greece’s efforts, the resilience of the Greek economy has improved significantly and the risks of spillovers to the euro area economy have been significantly reduced. Therefore, keeping Greece under enhanced surveillance is no longer justified.

Monitoring of the country’s economic, fiscal and financial situation will continue in the context of post-programme surveillance and the European Semester. Monitoring of outstanding reform commitments will take place in the context of the first post-programme report to be issued in November 2022, which could serve as the basis for a Eurogroup decision on the final tranche of debt relief measures agreed in June 2018. Major reforms and investments are also foreseen in the Greek recovery and resilience plan.

The Commission welcomes Greece’s achievements and its commitment to continue reforms beyond the end of enhanced supervision. The Vice-President of the Commission, Valdis Dombrovskisand the Commissioner for the Economy, Paolo Gentilonihave already informed the Greek authorities.

RES-EMP

Read the News today and get the latest news. Follow us on Google News and be the first to learn all the news from Skai.gr.