European Economic and Financial Affairs, Taxation and Customs Commissioner Pierre Moscovici said he hoped a deal to secure debt relief for Greece could be reached by the end of the year. “We want to build a success story with Greece. We are making good progress,” he said on Tuesday during an event organized by Brussels-based weekly Politico.
Speaking live during the Morning Exchange, Moscovici said that the Greek exit from the euro was no longer on the table. A Grexit would have resulted in the eurozone being a fixed-rate regime. “History shows they don’t survive,” he said, noting that decisions in the EU are taken within the framework of regulations. He also said that the Stability and Growth Pact needed to be simplified while rules governing member states’ excessive budget deficits were “too complex.” He also said that the EC prefers reforms and incentives over sanctions.
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