20 March 2017

Remarks by J. Dijsselbloem following the Eurogroup meeting

The Eurogroup President briefed the press on the matters discussed during the meeting: the second review on Greece, the implementation of the budgetary plans, and the agreement on a framework for benchmarking the sustainability of pension systems.

Let me start with our discussion on Greece. We were debriefed by the institutions and the Greek authorities on the state of play of the ongoing second review. I think a lot of work has been done and progress made. But still some issues remain - some key issues - and the outcome of today's meeting is that on the basis of the preparatory meeting which we had - myself, the institutions and the Greek authorities - we agreed that talks will continue to intensify in the coming days here in Brussels, focusing on the key outstanding topics which I hope are limited, to try to clear those big issues out of the way and come to a full policy package agreement. And then we can have the political discussion in the Eurogroup. [...]

Then today we followed up on the implementation of the budgetary plans, which as you remember we discussed in December and some of them we discussed in January. We put out statements then outlining which countries are at risk or which countries are complying or broadly complying. And we focused on the implementation to see where we are so far and no additional measures were taken. Several ministers have announced that additional measures are being prepared. [...]

Thirdly, we had a thematic discussion under the bigger umbrella of growth and jobs. We focused on pension systems and the sustainability of pension systems. Already in June, we adopted a set of common principles to strengthen the sustainability of pension systems in our countries in the euro area. As you realise, the sustainability of pension systems is a big factor in the sustainability of public finances.

Today, we discussed and agreed on a framework for benchmarking the sustainability of pension systems: benchmarking against the best performers of the euro area, to do that every three years, starting next year. We will rely mainly on two key fiscal sustainability indicators but will also draw on a few flanking indicators in order to provide a comprehensive and balanced view, and take account of country specificities. The benchmarking exercise will take place within the context of the existing process and surveillance mechanisms, in particular the European Commission's Ageing Report. [...]

Full remarks

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