Moscovici: Eurogroup asked for ‘truly balanced’ package of reforms and growth measures

The Eurogroup’s conclusions on Monday asked the European Commission to design a truly balanced package of reforms and positive growth-enhancing measures for Greece, European Commissioner for Economic and Financial Affairs Pierre Moscovici said on Wednesday. Moscovici was replying to questions about Greece during a press conference to present the European semester winter package.

“The good news is that the Eurogroup allowed the return of the institutions to Athens very soon to design a balanced package,” he said, noting that this package will include the efforts for reform that must continue on the one hand but also a series of positive measures to support growth.

Moscovici declined to go into details, saying that these will be discussed by the missions in Athens where “a lot of work” remains to be done but emphasised that the package will be “truly balanced”. He also confirmed that the European Commission was ready to step in to support a programme of active labour policies in Greece, as part of this balanced package of reforms and positive measures.

Monday’s Eurogroup decision included instructions to the EC to explore ways to finance such an effort, he said.

“As has been said, it could be a loan from the World Bank or other resources, something less expensive,” the Commissioner added, while noting that an overall positive message of progress had emerged from the Eurogroup for the conclusion of the second review of Greece’s programme.

“Our teams will be there with precisely this perspective, a clear mandate and in a positive spirit,” he said.