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Eurogroup: Greece fulfils vast majority of 110 prior actions under third review of economic adjustment programme

Meeting on 19 February, Euro area finance ministers received a briefing on the progress achieved by Greece in implementing the remaining prior actions under the third review of the country’s economic adjustment programme. Of all 110 prior actions, only two are outstanding.

date:  01/03/2018

See alsoEurogroup, 19/02/2018

Meeting on 19 February, Euro area finance ministers received a briefing on the progress achieved by Greece in implementing the remaining prior actions under the third review of the country’s economic adjustment programme. Of all 110 prior actions, only two are outstanding. Fulfilment of these actions would allow disbursement of EUR 5.7 billion from the European Stability Mechanism (ESM). Ministers also were informed of the key findings of the 8th post-programme surveillance mission to Ireland, which took place from 28 November to 1 December 2017. While the Irish economy’s strong momentum is expected to continue in the short term, downside risks remain. Regarding reinforcing the ESM, ministers discussed having the ESM take on new tasks such as becoming the backstop for the Single Resolution Fund, as well as an enhanced role in crisis management. Non-euro area EU finance ministers joined the Eurogroup meeting to assess progress on the 2016 Banking Union Roadmap, with the aim of more precisely defining the steps that need to be taken to better reduce and share risk. Lastly, the Eurogroup agreed to endorse Luis de Guindos, Spanish Minister of Economy, Industry and Competitiveness, for the upcoming ECB Vice-President vacancy.