Executive summary

When assessing Greece’s current reform needs and efforts, it is important to look back at the reforms already undertaken. The economic and social strategy followed by Greek governments has been largely focused on European integration. Prior to its entry into the European Monetary Union (EMU) on 1 January 2001, Greece had to make significant progress in macroeconomic management, to bring down its underlying rate of inflation and to keep its public deficits under control. Major structural reforms were also introduced during the 1990s in various parts of the public sector. Market liberalisation advanced, market regulation was assigned to independent bodies, and only a few state monopolies remained.