Eurogroup: Today the proposal for the end of the enhanced supervision for Greece
“The European Commission will propose today the end of enhanced surveillance of the Greek economy,” said Economy Commissioner Paolo Gentiloni, attending a Eurogroup meeting in Luxembourg.
“This is an important step for Greece,” Gentiloni stressed. “If our proposal is approved, as I think it will be, it will be an important step in the right direction,” he said.
Moreover, the Eurogroup that will examine macroeconomics in the Eurozone. “Our economy is sailing in turbulent waters,” said Gentiloni, adding that this did not mean that the economic downturn could not be avoided, but Fiscal policies should focus on reforms, investment and a “prudent policy”especially for countries with high levels of public debt.
Asked if he was worried about the yields on several government bonds, Paolo Gentiloni said he was “under surveillance”. He expressed the belief that the initiative taken by the European Central Bank to prevent the fragmentation of the bond market is reassuring for the markets. Eurozone finance ministers will be briefed today on ESF decisions by its president, Christine Lagarde.
Finally, Paolo Gentiloni said about the conditions in the bond market, that monetary policy alone can not deal with this situation. “We also need a strong show of unity, ambition from governments and the coordination of our fiscal policy. We will discuss this today “, he added.
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