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  • EU’s Costello: Structural reforms crucial for return to economic normalcy

    The crucial element for the Greek economy is whether and to what extent it implements the reforms,» Costello told the Athens News Agency.

    epa06578455 Klaus Regling (R), Managing Director of ESM, and Declan Costello (L), EU mission chief for Greece's 3rd Economic Adjustement Program, take their position during the Delphi Economic Forum, in Delphi, central Greece, 04 March 2018. Delphi Economic Forum is a nonprofit, nonpartisan organization that promotes sustainable and socially responsible growth policies for Greece, Europe and the wider Eastern Mediterranean region. EPA/ORESTIS PANAGIOTOU

    Declan Costello, the head of the European Commission’s mission for Greece, praised progress made in the Greek economy even as he stressed the needed to keep steadily on the reform track.

    «We are optimistic over the condition of the Greek economy and the country’s prospects. Growth is on a steady upward course and in 2019 we expect it to reach two percent with a future upward trend. The crucial element for the Greek economy is whether and to what extent it implements the reforms,» Costello told the Athens News Agency on the sidelines of a joint EU and Foundation for Industrial and Economic Research conference in Athens.

    Structural reforms key to growth

    Asked whether the post-bailout Greek economy will return to normalcy, Costello said, «Of course, the external factors always play a major role in growth and the Greek economy may be affected, but initially the success is linked with the implementation of the structural reforms.”

    «Until today and since Greece has left the programme things are going well and, as we are informed, the structural reforms are continuing. Of course much more remains to be done, the reforms must accelerate in order for investments in the fields of agriculture to be supported, along with the recovery of the banking and real estate sector, for example, but broadly speaking everything is being done as it should be done,” Costello said.

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