BUSINESS

Commission confirms adoption of enhanced surveillance framework for Greece

TAGS: Economy, EU

The European Commission confirmed on Wednesday the adoption of an enhanced surveillance framework for Greece once it ends its third bailout program on August 20.

The decision to activate the enhanced surveillance framework facilitates Greece's normalization, building on the progress that has been made, the Commission said in a statement.

“It will support the completion, delivery and continued implementation of reforms agreed under the program, in line with the commitments made by the Greek authorities. This is crucial to building market confidence and thus to strengthening Greece's economic recovery, particularly in the immediate post-program period,” the EU's executive arm said.

Commissioner for Economic and Financial Affairs Pierre Moscovici said Greece was “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,” Moscovici said.

“Enhanced surveillance is not a fourth program: 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," he said.

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