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25-02-2014

EU/ECB/IMF Troika needs fixing, but ministers must shoulder responsibilities

Co-rapporteurs Liem Hoang-Ngoc and Othmar Karas
Co-rapporteurs Liem Hoang-Ngoc and Othmar Karas
 
 

The EU/ECB/IMF "Troika" helped four EU countries out of the crisis and prevented it from getting worse. But flaws in the way the Troika worked hindered national "ownership" of economic reforms, and compromised transparency and accountability, says an Economic and Monetary Affairs Committee resolution passed on Monday.

The report on the committee's inquiry into the workings of the Troika, drafted by Othmar Karas (EPP, AT) and Liem Hoang-Ngoc (S&D, FR), was approved by 31 votes to 10, with 2 abstentions. It highlights many weaknesses and recommends urgent improvements. It also delves into the individual cases of each of the four "programme countries" (Greece, Ireland, Portugal, and Cyprus).