Deference to home authorities should continue to be the norm in those areas where rules are fully equivalent. However, there are certain areas in which EU rules provide more protection than those in other jurisdictions, and in these areas the Commission is right to suggest that reliance on home authorities may not be enough, and that more direct involvement by EU authorities is required.
They stem from many years of unsustainable economic policies and a reluctance to implement the necessary reforms. The programme is so comprehensive because the problems in Greece are so deep-rooted. With or without the programme, any Greek government would have to pursue a similar adjustment to bring the economy back on track and restore the confidence of financial markets.