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Parliamentary questions
20 April 2018
E-007029/2017
Answer given by Mr Moscovici on behalf of the Commission

Since the inception of Greece's European Stability Mechanism (ESM) stability support programme, pension-related reforms have sought to not only ensure the sustainability of the pensions system, but to provide more adequate protection, enhance inter-generational fairness, create incentives to work and contribute in addressing the long-standing structural weaknesses as these are described in the memorandum of understanding (MoU) of 2015, its revisions after each review (Supplemental MoUs) and in the background report of July 2017(1). At the same time, reforms have sought to help rebalance social spending towards policy measures precisely targeted to those groups most at risk, in order to help the most vulnerable parts of Greek society. Overall, the Commission has, throughout, sought to mitigate the impact on the most vulnerable and to support policies that would provide for a stable, sustainable and better targeted social safety net.

With that in mind, among their commitments, the Greek authorities agreed, in the Supplementary Memorandum of Understanding of July 2017,(2) to proceed with the recalibration of current and new pensions and the freezing of pensions to inflation until 2021.

The Greek authorities have not proposed any changes to the agreed reforms. Therefore, the Commission has no intention to unilaterally propose changing existing commitments related to the ESM stability support programme.

(1)https://ec.europa.eu/info/business-economy-euro/economic-and-fiscal-policy-coordination/eu-financial-assistance/which-eu-countries-have-received-assistance/financial-assistance-greece_en
(2)https://ec.europa.eu/info/sites/info/files/smou_final_to_esm_2017_07_05.pdf

Last updated: 20 April 2018Legal notice