Implementing decision 2018/1192 - Activation of enhanced surveillance for Greece (notified under document C(2018) 4495) - Main contents
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official title
Commission Implementing Decision (EU) 2018/1192 of 11 July 2018 on the activation of enhanced surveillance for Greece (notified under document C(2018) 4495)| Legal instrument | implementing decision |
|---|---|
| Number legal act | Implementing decision 2018/1192 |
| CELEX number i | 32018D1192 |
| Document | 11-07-2018; Date of adoption |
|---|---|
| Publication in Official Journal | 22-08-2018; OJ L 211 p. 1-4 |
| Effect | 22-08-2018; Takes effect Date notif. |
| End of validity | 31-12-9999 |
| Notification | 22-08-2018; {titleAndReference.draft.disclaimer.new|http://publications.europa.eu/resource/authority/fd_365/titleAndReference.draft.disclaimer.new} |
22.8.2018 |
EN |
Official Journal of the European Union |
L 211/1 |
COMMISSION IMPLEMENTING DECISION (EU) 2018/1192
of 11 July 2018
on the activation of enhanced surveillance for Greece
(notified under document C(2018) 4495)
(Only the Greek text is authentic)
THE EUROPEAN COMMISSION,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to Regulation (EU) No 472/2013 of the European Parliament and of the Council of 21 May 2013 on the strengthening of economic and budgetary surveillance of Member States in the euro area experiencing or threatened with serious difficulties with respect to their financial stability (1), and in particular Article 2(1) thereof,
Whereas:
(1) |
Since 2010, Greece has been receiving financial assistance by the euro area Member States. Specifically, in support of the first Macroeconomic Adjustment Programme, between May 2010 and December 2011 Greece received EUR 52 900 million of bilateral loans from euro area Member States whose currency is the euro, pooled by the Commission under the Greek Loan Facility; in support of the second Macroeconomic Adjustment Programme, between March 2012 and February 2015 Greece received additional loans provided by the European Financial Stability Facility of EUR 130 900 million (2); and between August 2015 and June 2018 Greece received an additional amount of EUR 59 900 million (3) in form of loans from the European Stability Mechanism. Altogether, Greece's outstanding liabilities towards the euro area Member States, the European Financial Stability Facility and the European Stability Mechanism come to a total amount of EUR 243 700 million. In addition, in support of the first and second Economic Adjustment Programmes, Greece also received financial assistance from the International Monetary Fund, amounting to EUR 32 100 million. |
(2) |
The European Stability Mechanism financial assistance will expire on 20 August 2018. |
(3) |
The policy conditions for the European Stability Mechanism financial assistance were laid down in Council Implementing Decision (EU) 2016/544 (4), which was subsequently amended by Council Implementing Decision (EU) 2017/1226 (5). The policy conditionality was further detailed in an European Stability Mechanism Memorandum of Understanding on Specific Economic and Policy Conditionality ('Memorandum of Understanding') signed by the Commission, on behalf of the European Stability Mechanism, and by Greece on 19 August 2015 and its subsequent four amendments. |
(4) |
In the framework of the European Stability Mechanism financial assistance, Greece has implemented a large number of reforms covering the wide array of policy areas of (i) fiscal sustainability; (ii) financial stability; (iii) structural reforms to enhance competitiveness and growth; and (iv) public administration. Building on the substantial number of actions implemented under the programme, key institutional and structural reforms should be continued over the medium term so as to ensure their completion and full effectiveness. |
(5) |
As a result of the actions undertaken by the Greek government, fiscal and external flow imbalances have been largely corrected. The general government balance was positive in 2016 and 2017 and Greece is on track to meet the primary surplus target of 3,5 % of Gross Domestic Product in 2018 and over the medium term. External net lending turned positive in 2015, and showing only small deficits thereafter. The economy has started to recover, with growth at 1,4 % in 2017, and unemployment is on a declining path. Greece has improved its ranking in the structural components of leading comparative country performance indicators. |
(6) |
Even so, notwithstanding the reform, Greece continues to experience significant legacy stock imbalances and vulnerabilities. In particular,... |
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