Greece will leave so-called enhanced supervision system of European Union

  • August 10, 2022
Greece will leave so-called enhanced supervision system of European Union

Greece will exit the European Union's so-called enhanced surveillance system on August 20, giving the country more freedom to conduct economic policy, Reuters reported.

Greece's economic developments and policies have been monitored under the framework since 2018, after Athens withdrew from three international financial aid programs totaling more than 260 billion euros from the European Union and IMF between 2010 and 2015.

"After 12 years ... a difficult chapter for our country comes to a close," said the minister, Christos Staikouras. "Greece returns to a European normality and will no longer be an exception in the euro zone."

He added that Athens has fulfilled most of the political commitments and reforms it promised, and its exit from the system on August 20 was confirmed by a letter from European Commission Vice President Valdis Dombrovskis and Economy Commissioner Paolo Gentiloni.

Greece's withdrawal from enhanced supervision will mean more degrees of freedom in implementing economic policies and will bring the country's goal of regaining "investment grade" status, Staikouras said.

The supervisory system was designed to ensure continuous action to address potential sources of economic hardship and structural reforms to support sustainable economic growth.

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