The disbursement of 767 million euros for the relief of the Greek debt (mainly from the return of profits of ANFAs and SMPs), is expected to be considered, among others, by the Eurogroup meeting this afternoon in Brussels.
Eurozone finance ministers will be briefed on the 12th enhanced surveillance report for Greece. The Commission positively assesses the Greek reform efforts and on this basis, the finance ministers are expected to give the green light for the disbursement of 767 million euros.
In addition, the Eurogroup will consider the fiscal orientation for the euro area in 2022, based on the Commission’s recommendations at the start of the 2022 European Semester fiscal process. Fiscal policy is projected to remain supportive in 2022 (1% of GDP). ), but less than in 2021 (1.75% of GDP). Member States will continue to provide targeted support to the areas most affected by the Covid-19 pandemic, in order to maintain an adequate level of public investment, mainly through the EU Recovery Fund.
The Eurogroup will also consider the 2022 budget proposals submitted by the eurozone countries to the Commission in mid-October. The Commission has given the green light to all budget plans, but recommends their prudent implementation in order to limit the increase in public spending, especially in countries with high levels of public debt. Priority should be given to sustainable investment that fosters growth, in particular investment that supports green and digital transitions, as well as fiscal structural reforms.
In addition, the Commission and the European Central Bank (ECB) will inform the Eurogroup of the post-program surveillance reports for Cyprus, Portugal, Ireland and Spain. Post-program supervision begins after the end of financial assistance programs and continues until at least 75% of the financial assistance received has been repaid. The report is made twice a year.
Finally, IMF Managing Director Kristalina Georgieva will brief the finance ministers on the agency’s regular report on the macroeconomic and financial situation of the euro area.
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