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OECD contribution to the evaluation of the ESM financial assistance programme for Greece

Discussion Papers
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Download PDF: Discussion Paper 12


Authors: Manuel Bétin, Tim Bulman, Thomas Chalaux, Boris Cournède, Alain de Serres, Claude Giorno and Yvan Guillemette (all OECD)

This background study assesses the impact of budgetary and market reforms from the start of the Greek financial assistance programmes, identifying key driving factors and drawing lessons from the Greek adjustment programmes. It assesses the economic and social impact of structural reforms based on four empirical tools. The paper analyses the impact of Greek reforms in labour and product markets, as well as those aimed at improving the effectiveness and quality of public services and administration. Product market reforms proved slow and piecemeal compared to the labour market restructuring, which constrained the much-needed competitiveness improvements and domestic demand, while contributing to rising poverty. A large drop in public investment had a negative effect on medium-term growth. The retrospective analysis is complemented by some prospective scenarios, with a focus on supply side conditions in the economy.


This report is published on the responsibility of the Secretary General of the OECD. The opinions expressed and arguments employed herein do not necessarily reflect the official views of the Organisation or of the governments of its member countries.
This Discussion Paper was drawn up by the author(s) as part of the evaluation of financial assistance to Greece. To fully protect the independent nature of the evaluation and in line with its Terms of Reference, this Discussion Paper has not been subject to scrutiny or review by ESM management. The views expressed in this paper do not necessarily reflect the views of the ESM or its management.

Source: European Stability Mechanism | Discussion Paper Series | Volume 2020 (Programme evaluation II special) no. 12 | June 2020 | 87 Pages


Copyright © European Stability Mechanism, 2020 | All rights reserved. Any reproduction, publication and reprint in the form of a different publication, whether printed or produced electronically, in whole or in part, is permitted only with the explicit written authorisation of the European Stability Mechanism.