ATHENS Greece must make greater efforts to reduce spending, cut debt and accelerate structural reform, AFP quoted European Commissioner for Monetary Affairs Pedro Solbes as saying here Friday. Greece's membership of the euro zone since January 1 this year required particular vigilance over budget policy, Solbes told a business conference in Athens. "It seems to me that there are two areas where policies will have to be particularly alert," he said. "It is necessary not only to ensure that the budgetary targets are fully consistent with the objectives of the stability and growth provisions but also that they are as such implemented," he added. "I would not be the first to signal that it is essential for Greece to sustain a restrictive fiscal stance for some time in order to at least achieve a decisive reduction in debt ratio". Greece's entry into the 12-nation euro zone had imposed "intense pressure for reforms," Solbes said. "The economic and social policies must anticipate the need for, and facilitate the implementation of structural reforms," the European monetary affairs commissioner said. "These will cover policies directed toward the labor market, the capital markets, product and services markets, as well as areas in the domain of the knowledge-based economy." The list of reforms may be long but the benefits would outweigh the short-term difficulties, he said. European Commission surveys showed Greek businesses were among the best prepared in Europe for the arrival of euro notes and coins at the start of 2002, Solbes said. "However if these results are encouraging there is no room for complacency," Solbes added. "There is clearly a need to step up the pace" of preparations, he said. He urged Greek banks to do their utmost to give clients small-denomination notes during the changeover period. Solbes held meetings earlier with Greek Central Bank Governor Lucas Papadimos and Economy Minister Yannos Papantoniou. P.14