Evaluation recommendations
The report concluded that the Greek EFSF and ESM programmes successfully maintained the integrity of the euro area, stabilised Greek public finances, and strengthened institutions, but suffered from weaknesses that hindered them from overcoming some key challenges.
Drawing on the Greek assessment, Independent Evaluator Joaquín Almunia left five key takeaways to help better tailor future programmes on: strategic programme objectives, guidance on programme design, governance focus on sustainable outcomes, effective programme preparation and conduct, and post-programme engagement.
In March 2021, the ESM followed up on the BoG call to explore ways to address the Independent Evaluator‘s recommendations by presenting an update on the actions taken or underway internally. Management proposed discussing a future action plan in areas of joint competence and common interest with the European Commission in 2022, to allow full consideration of the conclusions of the Commission’s evaluation on the Greek programmes, the entry into force of the amended ESM Treaty, and the Memorandum of Cooperation between the ESM and the European Commission.
