“No more memoranda for Greece,” European Commissioner for Economic and Financial Affairs, Taxation and Customs, Pierre Moscovici said in an interview with the European Progressive Forum. “Greece will become, in economic terms, a normal European country once again.” Moscovisi stressed adding however, that “Greece’s economic policies will be monitored through the coordination process we call the European Semester.”
Excerpt from Moscovici’s interview:
Greece has made positive steps to stand on its feet again after eight years under tough financial monitoring and three bailout programs. Being one step before the final exit from the program in August 2018, how you assess the efforts of Syriza-led government towards this direction?
Greece has come a long way since the dramatic days of spring 2010, and since the turbulent summer of 2015.
I have worked very well with Alexis Tsipras and Euclid Tsakalotos these past years. The open lines of communication have been crucial in helping to move the process forward, whenever we have hit one of the many obstacles that were scattered along the path. And we have always succeeded in overcoming those obstacles, together. We all know how hard the past years have been for Greek people. They have made tremendous sacrifices, which are now paying off.
The next few months constitute the home stretch of the memorandum era, which began eight years ago in the spring of 2010. The swift and successful conclusion of the third review bodes well for the next steps. There is just one, final review left to complete before the programme concludes in the summer. I trust that it will go equally smoothly, provided the good constructive spirit that has defined the cooperation over recent months is maintained by all partners.
What I want is that after the programme, Greece will become, in economic terms, a normal European country once again. Greece’s economic policies will be monitored through the coordination process we call the European Semester. Because many of the programme commitments will continue to be implemented long after the programme ends, there will also need to be an appropriate type of post-programme surveillance in place. But let’s be clear: there will be no more “memoranda” – and, provided responsible fiscal policies are pursued in the future, there will be no more need for austerity.
Full interview here.