Finance Minister Yannis Stournaras and President of the Economic and Financial Affairs Council (ECOFIN) addressed the Interparliamentary Conference on Economic Governance and the European Semester in the EU on January 22, and stressed that for the Greek presidency, the European Parliament as well as national parliaments constitute critical partners, in order to fulfill its priorities.

Regarding the need to correct macroeconomic imbalances in the EU as a consequence of the economic crisis, the ECOFIN president emphasized that fiscal adjustment and structural reforms alone are not sufficient: “Fiscal adjustment alone, without growth friendly and social cohesion policies, turns to austerity, alienates people and leads to euroscepticism”, said Stournaras.

Talking about the importance of liquidity in the European economy, Stournaras said that the Greek presidency will advance discussions for the financing of the economy, in particular SMEs facilitation of access to financing, aiming to enhance sustainable growth and promote the creation of new jobs. Within this framework, the Minister welcomed also the new mandate of the European Investment Bank (EIB) in the European Investment Fund (EIF) for the increase of its financing activities.

See Yiannis Stournaras' opening statement to the Economic and Monetary Affairs Committee of the European Parliament in Brussels on January 22, 2014.

For an update on presidency priorities, please visit the Hellenic Presidency site.