Explanatory Memorandum to COM(2017)314 - Amendment of Council Implementing Decision 2015/1411/EU on approving the macroeconomic adjustment programme of Greece - Main contents
Please note
This page contains a limited version of this dossier in the EU Monitor.
| dossier | COM(2017)314 - Amendment of Council Implementing Decision 2015/1411/EU on approving the macroeconomic adjustment programme of Greece. |
|---|---|
| source | COM(2017)314  |
| date | 02-06-2017 |
In response to a request of 8 July 2015 from the Hellenic Republic to the Chairperson of the Board of Governors of the European Stability Mechanism (ESM) for stability support in the form of a loan with an availability period of three years, the ESM Board of Governors requested the European Commission, in liaison with the European Central Bank, together with the International Monetary Fund, to agree on a Memorandum of Understanding detailing the conditionality for a financial assistance facility covering the period 2015-2018 in accordance with Article 13(3) of the ESM Treaty and on a macroeconomic adjustment programme for Greece. The programme was prepared in accordance with the procedure provided for under Article 7(1) of Regulation (EU) No 472/2013. On 11 August 2015, those institutions reached an agreement at technical level on a macroeconomic adjustment programme (the 'Programme') with the Greek government.
On a proposal by the Commission, the Council adopted Implementing Decision 2015/1411/EU approving the Programme.
In accordance with Article 1(2) of Decision 2015/1411/EU, the Commission, in liaison with the European Central Bank (ECB) and, where appropriate, with the International Monetary Fund (IMF), has conducted a second review to assess the progress with the implementation of the agreed measures as well as their effectiveness and economic and social impact. As a consequence of that review, an update has been made to the existing macroeconomic adjustment programme, reflecting the steps taken by the Greek authorities by the end of the first quarter of 2017.
Following discussions between those institutions and the Greek government, in accordance with the procedure provided for under Article 7(5) of Regulation (EU) No 472/2013 and the definition of the conditionality underpinning the Programme, the Commission has adopted a proposal for a Council Implementing Decision amending Implementing Decision 2015/1411/EU on approving the macroeconomic adjustment programme of Greece under Regulation (EU) No 472/2013.