Moscovici: Only Eurogroup can adjust surplus target of 3.5 pct

Greece has made "a good start" even if a lot still needs to be done in terms of the economy, European Finance Commissioner Pierre Moscovici said on Monday, ahead of the Eurogroup's meeting that will discuss the report on the country's enhanced surveillance.

The enhanced surveillance reviews follow Greece's completion of the fiscal adjustment programs in August 2018. Moscovici said reforms were "the right path" and reiterated that "the European Commission will stand by every Greek government to support the revival of the economy and the creation of new job openings, which the Greek population is waiting for impatiently."

He also reiterated his appreciation to outgoing Prime Minister Alexis Tsipras, with whom he had "good cooperation" and who worked hard to fulfill Greece's obligations under the fiscal programs.

Asked if he thought the primary surplus target of 3.5 pct could change, Moscovici noted that the decision was taken by the Eurogroup and that body was the only one that could change it.