Comprised of some 30-odd experts detached from Commission services and EU member-states, the team will report directly to European Commission President Jose Manuel Barroso and European Commissioner for monetary affairs Olli Rehn.
It will be based in Brussels, with a support team in Athens and its first quarterly progress report is due to come out at the end of October.
Bailly underlined that the purpose of the task force was only to provide assistance and that the Commission had "no intention of placing Greece under stewardship".
The Commission said that the rate of asborption of some 20.2 billion euro of Community funds by Greece in 2007-2013 was 30 percent, roughly at the average Community rate. It noted that the proposal made in August for an increase of the Community contribution to co-financed projects from 85 percent to 95 percent will be submitted to the council of ministers for approval in September.