EU Looks at ‘Enhanced Surveillance’ for Post-Bailout Greece



File photo: Mario Centeno (L) chats with Greece’s PM Alexis Tsipras

The president of the Eurogroup, Mario Centeno, has revealed that the European institutions are working on an “enhanced surveillance” tool for Greece after the country exits the bailout program in August 2018.

In a letter addressed to EU finance ministers, Centeno summarizes the discussions that took place at the Sofia Eurogroup meeting in April.

He says that the “Eurogroup took note of the so-called ‘enhanced surveillance’ tool, as proposed by the Commission”.

He offers no more information on what this tool will entail.

Greece’s government is seeking what it calls a “clean exit” from the era of the bailouts and maximum freedom to pursue policies without supervision by the EU and its institutions.

Following is the reference to Greece in Centeno’s letter

The institutions debriefed the Eurogroup on the state of play of the fourth review of the ESM stability support programme and announced the return of the mission teams to Athens on 14 May.

The aim is to reach a staff level agreement ahead of the May Eurogroup. We also held an exchange of views on some key elements to support the successful exit of Greece from the programme.

The Greek Minister presented the growth strategy of Greece for the coming years, which aims to boost Greece’s long-term growth potential and enhance the investment climate.

We also discussed how we can further support the Greek authorities in their continued reform efforts in the years after the programme.

We took note of the intention of the Greek government not to request a successor arrangement.

On the future monitoring of the economic, fiscal and financial developments, the Eurogroup took note of the so-called ‘enhanced surveillance’ tool, as proposed by the Commission.

Discussion on the debt strategy will continue in the weeks ahead.

On the basis of a successful review, the Eurogroup will decide in June on all the elements to ensure a successful exit of Greece from the program by August.