Building on the technical experience of the national authorities, the single supervisory mechanism will be charged with upholding a supranational vision drawing on the best practices in supervision, analysis and assessment of banking risks, enabling easier comparison between the intermediaries and systems of the various countries, and facilitating the control and attenuation of systemic risks.
In Greece, the fiscal deficit was reduced by 13 percentage points of GDP between 2009 and 2013, the largest fiscal consolidation recorded in history in such a short period. The primary budget deficit [10.2 as a per cent of GDP in 2009] turned into a surplus exceeding 1 per cent of GDP in 2013.