ECB urges Greece to strictly adhere to economic convergence programme

European Central Bank (ECB) president Jean-Claude Trichet on Monday underlined the need for Greece to strictly adhere to an economic convergence programme agreed to with the so-called EU-ECB-IMF “troika”.

Addressing the European Parliament’s economic affairs commission in his capacity as chairman of a newly created European Systemic Risk Council (ESRC), Trichet said that in order to restore confidence in the economy, it was necessary to fully implement the programme approved by the IMF, the ECB and the European Commission.

The troika was monitoring progress of the Greek programme on a quarterly basis, while concrete answers are necessary, Trichet said.

He said European authorities are examining, in depth, ideas on resolving Greece’s debt crisis and stressed that what is at stake was the stability of the eurozone, as “contamination in one state could expand to others”.