The President of the ECOFIN, Y. Stournaras, speaking on Wednesday, 22 January, at the Interparliamentary Conference on Economic Governance and the European Semester in the EU, stressed that for the Greek Presidency, the European Parliament as well as national parliaments constitute critical partners, in order to fulfill its priorities.

Regarding the need to correct macroeconomic imbalances in the EU as a consequence of the economic crisis, the President of the ECOFIN emphasized that fiscal adjustment and structural reforms alone are not sufficient: “Fiscal adjustment alone, without growth friendly and social cohesion policies, turns to austerity, alienates people and leads to euroscepticism”, said Yannis Stournaras.

Talking about the importance of liquidity in the European economy, the ECOFIN President said that the Greek Presidency will advance discussions for the financing of the economy, in particular SMEs facilitation of access to financing, aiming to enhance sustainable growth and promote the creation of new jobs. Within this framework, Mr Stournaras welcomed also the new mandate of the European Investment Bank (EIB) in the European Investment Fund (EIF) for the increase of its financing activities.

The Minister made also special reference to the sacrifices of the Greek people and the great progress of Greece in recent years: “It is the greatest and fastest adjustment ever achieved in an OECD economy”, he said, reminding though that “unhelpful statements” undermined economic and political stability.

Referring to the process of the European Semester, the ECOFIN-President emphasized that its management, as an instrument for the cooperation and the coordination of the member states regarding their economic and fiscal policy planning, is also a priority for the Greek Presidency. 

Minister Stournaras addressed also the Economic and Monetary Affairs Committee of the European Parliament. Here follows his opening statement: