There is a need to support growth in the near-term, while also implementing credible medium-term fiscal policies, there is a need to continue the repair work to banking systems by pressing ahead with regulatory reform, which in some instances requires further deleveraging, but at the same time credit needs to flow to ensure that the abundant liquidity made available by central banks actually gets transmitted into the real economy.
It appears that the Greek government is still finding it hard to implement the agreed programme. The Ministers of Finance of the euro area are confident that the commitments made will be honoured; they are convinced that the necessary measures will be taken in order to release the pledged funds. The ECB does not take a political stance on the matter.