The European Commission has agreed to an enhanced monitoring regime for Greece’s fiscal policy after it concludes an eight-year-long bailout programme on August 20 which will support Athens as it implements reforms following the successful conclusion of the European Stability Mechanism (ESM) support programme, the Commission said in a statement.
The framework has already been agreed upon at the Eurogroup meeting of June 21 and had to be technically approved by the EU executive, and a day later, the 19 ministers reached a deal on a debt relief for Greece, solving the last political hurdle to conclude its rescue programme after more than eight years.
“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,” said Commission Vice-President Valdis Dombrovskis on July 11.
“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,” said the Commissioner on Economy and Finance, Pierre Moscovici.
Moscovici has also warned the Greek conservative opposition not to undermine the credibility of Greece’s deal with the Eurogroup and the exit of the country from the bailout “for reasons that only concern domestic politics”.