Commission's surveillance of Member States exiting a macroeconomic adjustment programme : an appropriate tool in need of streamlining; Special report No 18, 2021

The Commission is responsible for the surveillance of euro area Member States exiting a macroeconomic adjustment programme to ensure they maintain their economic and financial stability. This is of benefit to Member States and their lenders. We examined the design, implementation and effectiveness of the Commission's surveillance for the five Member States concerned (Ireland, Greece, Spain, Cyprus and Portugal). We found that, while surveillance was an appropriate tool, its efficiency was hampered by unclear objectives and insufficient streamlining and focus in implementation. We have made recommendations to the Commission to address these issues, including a revision of the relevant legislation to integrate its surveillance activities into the European Semester. ECA special report pursuant to Article 287(4), second subparagraph, TFEU.