Eighteen months exiting its bailout programme, Cyprus is exceeding expectations, particularly on growth, Eurogroup President Jeroen Dijsselbloem said on Monday following the Eurogroup meeting in Brussels, which assessed two cases of post-programme surveillance, namely Cyprus and Spain.
“We praised the macroeconomic and fiscal performance of Cyprus and emphasised the need to tackle the high level of non-performing loans and continue the reform momentum, but overall also for Cyprus a very positive picture,” Dijsselbloem said.
The Eurogroup also reviewed the Commission`s assessment on the 18 draft budgetary plans, according to which there are risks of non-compliance for Belgium, France, Italy, Austria, Portugal and Slovenia, and invited these member states to consider in a timely manner the necessary additional measures to address the risks identified by the Commission and to ensure that their 2018 budgets will be compliant with SGP provisions. The Eurogroup will monitor these cases carefully and follow-up in early spring (2018).
Based on the Commission assessment, the following Member States` plans are deemed to be broadly compliant with the SGP in 2018: Estonia, Ireland, Cyprus, Malta, Slovakia – under the preventive arm and Spain under the corrective arm. The Eurogroup invites these Member States to ensure compliance with SGP provisions within the national budgetary processes and welcomes their commitment to take any necessary measures.