Moscovici: Commission to soon recommend end of excessive deficit procedure for Greece

The European Commission intends to recommend that Greece exit the excessive deficit procedure (EDP) within the coming weeks, European Commissioner for Economic and Financial Affairs Pierre Moscovici announced on Wednesday.

Replying to questions during a press conference in Brussels, he said that Greece had made “impressive efforts” and succeeded in reducing its public deficit to below 3 pct of GDP, in accordance with the Stability Pact, while exceeding its primary surplus target almost 10-fold in 2016.

The Commission had not recommended Greece’s EDP exit last month, Moscovici explained, because it was waiting from the outcome of the Eurogroup and the conclusion of the second review.

“There is no longer any reason to delay the decision for Greece’s exit…it is time for Greece’s efforts to be acknowledged,” he added, noting that the Commission will make its recommendation within the next few weeks.