28 November 2013

Commissioner Barnier: The Greek EU Presidency - An opportunity for Greece and for Europe

Barnier reiterated the EU's support of Greece and said that with the EU Presidency, it had the chance to play a key role in the reform process in Europe and "write history" in helping to advance the Banking Union. (Includes link to statement by President Barroso after meeting PM Samaras.)

"The Greek Presidency logo is austere and concise, extending a note of realistic optimism. It depicts a sailboat in full sail, formed by the initials of the European Union. It aspires to unite common European values and Greece’s unique identity, the beginning of the continent’s union and its future course, the solid principles that formed our past with our common aspirations for the future." ~ The Greek Presidency

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Translated from the French

On the one hand, for a large part of the Greek population the persistent reality consists of unemployment, wage cuts and the inability to realise projects as they have great difficulty financing them. On the other hand, there is the hope for the return to growth, expected to reach 0.6 per cent in 2014 and 2.9 per cent in 2015 according to the latest forecast by the European Commission. This marks the end of a recession that has lasted six years and still weighs on the Greek economy, especially in two aspects: A problem of liquidity and funding and unemployment which affects 27 per cent of the population and even 60 per cent of young people. So Greece is still experiencing this climate of uncertainty, fear and sometimes anger, resulting in the support for populist parties, as in other European countries. But I think it's counterproductive to blame Brussels or Berlin. The truth, though it may be difficult to hear, is that since the beginning of the crisis, Europe has been alongside the Greek people.

€240 billion were allocated to Greece under programmes in 2010 and 2012 to avoid a general collapse of the financial system which would have been detrimental to the public and Greek companies. Thanks to the recapitalisation of the banking sector, but also thanks to its strong base, the country has not experienced a bank run and not one cent of deposit has been lost. I do not deny the magnitude of losses since the beginning of the crisis - but no bank has gone bankrupt and the process of consolidation in the sector, considered necessary for years, is now progressing and Europe has also mobilised Structural Funds for Greece. In addition to this general support, we have taken targeted measures to support measurea against youth unemployment and for SMEs.

The Greek EU Presidency in the first half of 2014 can play a key role in the return of confidence in the country. It comes at a critical moment as it will be the last Presidency of the of the legislature cycle, which will give Greece the opportunity to give decisive impetus to Europe's future. For this, we have one absolute priority: the establishment of a Banking Union.

The Banking Union is of particular interest to Greece where we saw the consequences of exposure of banks to sovereign debt. With the Banking union, our goal is precisely to break this vicious circle between banks and states by putting in place a transparent resolution procedure for banks theatened by bankruptcy. That is the whole point of the single resolution mechanism (SRM) which the Commission has proposed and which is currently under discussion between the Member States.

The Commission has learned from the Cyprus crisis by proposing the establishment of a resolution board and a common resolution fund, provided by the banks, to prevent depositors and taxpayers to have to carry the consequences of a bank failure.

Alongside this priority, and other key topics of the Greek Presidency, such as growth and employment, the further integration of the EU and the euro area and immigration and mobility, I welcome particularly the intention of the Greek authorities to engage fully in the two areas I am responsible for: financial regulation and the internal market. Amongst other things, the future Presidency has a role to play in putting the free movement of services at the heart of the debate.

Greece has its place in this Single Market, as it has its place within the Banking Union and future structures of an increasingly integrated euro area.

Full speech (in French)

Statement by President Barroso following his meeting with Antonis Samaras, Prime Minister of Greece, 4.12.13

Video

Greek Presidency priorities presented, 29.11.13

Ambassador Sotiropoulos's Speech on Greek Presidency Priorities at EPC-Breakfast, 29.11.13

Link to Greek Presidency website

© European Commission