“The European Commission will propose today the end of enhanced surveillance of the Greek economy,” said Economy Commissioner Paolo Gentiloni, attending the Eurogroup meeting in Luxembourg.
“This is an important step for Greece,” Gentiloni said. “If our proposal is approved, as I think it will be, it will be an important step in the right direction,” he said.
The Eurogroup will also look at macroeconomic developments in the Eurozone. “Our economy is sailing in turbulent waters,” Gentiloni said, adding that this did not mean that the economic downturn could not be avoided, but that fiscal policies should focus on reforms, investment and a “prudent policy”. , especially for countries with high levels of public debt.
Asked if he was worried about the yields on several government bonds, Paolo Gentiloni said he was “under surveillance”. He expressed the belief that the initiative taken by the European Central Bank in order to prevent the fragmentation of the bond market, is reassuring for the markets. Eurozone finance ministers will be briefed today on the ECB’s decisions by its president, Christine Lagarde.
Finally, Paolo Gentiloni said about the conditions in the bond market, that monetary policy alone can not deal with this situation. “We also need a strong show of unity, ambition from governments and the coordination of our fiscal policy. We will discuss this today,” he added.
Source: Capital
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