Greece’s economic achievements over the past 15 years are impressive, Klaus Regling, former head of the European Stability Mechanism (ESM) and the European Financial Stability Facility (EFSF), has told a conference in Athens.
Speaking on a panel at the 3rd Economic Conference, hosted by the Imerisia newspaper, Regling also praised Greece’s significant fiscal progress. “The macroeconomic fundamentals are now in order, and the doubling of exports as a percentage of GDP is very significant,” he said, responding to a request from panel moderator and Foundation for Economic & Industrial Research (IOBE) President Nikos Vettas to offer advice for Greece.
Referring to the coordination of fiscal policies within the EU through the Stability and Growth Pact, the former ESM head stressed that fiscal sustainability is necessary for all countries and is now widely understood in Greece. He added that the country’s progress in this area over the past decade has been impressive.
Regling noted, however, that Europe is facing three “existential” challenges: the erosion of the international multilateral order, pressure from major global powers, and weak growth prospects.
Commenting on the EU, Regling identified the completion of the Single Market and the creation of a European Defense Union as two of the European Union’s key priorities as it seeks to address the major geopolitical and economic challenges it faces. [AMNA]
