Greece: Perspectives of Adjustment, Prospects for Reform Building Bridges Paper Series
Greece has a record as a pro-integration country. Yet, the sovereign debt crisis and the adjustment programmes have sapped the Eurozone’s and the EU’s image, especially regarding its capacity to provide a framework for economic prosperity. Still, the refugee crisis proves that EU membership continues to offer a credible support system within which it can expect economic aid, organisational backing and the protection of its borders.
The crisis is leaving a deep scar. A roadmap to growth is missing and the EU framework is lacking several instruments to support the economy. The rise of the European Council has been a blessing and a curse for Greece; the creation of stability mechanisms have kept it afloat, yet its agenda has fallen far short of real burden-sharing.
Increasing the EU’s legitimacy requires an EUwide strategy for growth, using all available instruments, such as the Investment Plan for Europe. Besides, social policies should be pursued at the EU level to foster a sense of European citizenship and of belonging to a Union of equals.
This publication is part of the "Building Bridges Paper Series". For more information about this project, click here.