On Friday 26 July, the European Commission formally agreed an extension of six months to the enhanced macroeconomic surveillance framework open to the Hellenic Republic since the end of the third Greek rescue package.
This decision is in line with the conclusions of the June 2018 Eurogroup meeting, which noted the end of financial assistance to Athens eight years ago (see EUROPE 12046/1, 12077/1).
This enhanced surveillance had been legally decided for a period of six months on a renewable basis, it is in practice intended that the framework would apply to the Greek authorities until 2022. In more specific terms, this enhanced surveillance requires institutional creditors in Athens to meet there each quarter and review the implementation of structural reforms and Greece's compliance with budgetary commitments, such as a primary surplus (excluding public debt service) of 3.5% of Greek GDP.
The third report on this subject, published in early June, pointed out the need to continue efforts on the budgetary and reform fronts (see EUROPE 12269/2). In addition, Athens' European partners will monitor the fulfilment of socio-economic commitments made by the newly unveiled government of Kuriakos Mitsotakis, which succeeds the government of Alexis Tsipras (see EUROPE 12292/8). The next report is expected in autumn.
Last February, the Commission formally extended this post-programme Enhanced Surveillance framework for the first time (see EUROPE 12198/16). (Original version in French by Lucas Tripoteau)