Bailout Troika review: preliminary views tabled
The draft report from Parliament’s review of crisis bailout work by the “Troika” (International Monetary Fund, European Central Bank and European Commission) was tabled by lead MEPs Othmar Karas (EPP, AT) and Liem Hoang Ngoc (S&D, FR) on Wednesday. The will form the basis of political work set to kick off in January, at hearings with key bailout players and delegations to Cyprus, Greece, Ireland and Portugal.
Rapporteurs Othmar Karas (EPP, AT) and Liem Hoang Ngoc (S&D, FR) said:
"We have thrown our work into the open. This is the first step. It is now through the hearings and our visits to the affected countries that we, and our colleague MEPs, will delve deeper to gather evidence to inform any recommendation for change. We shall also receive answers to a detailed questionnaire that we put to key policy makers. We welcome the European Commission's willingness to contribute, and invite others, in particular the ECB and Eurogroup, to follow suit in the same spirit of transparency and accountability. "
The draft text takes stock of the economic situation in the programme countries at the start of the crisis, gives an overview of the Troika’s institutional setup and outlines the economic underpinnings on which it built its goals.
The draft also gives various pointers as to where improvements are most needed. These include reforming decision-making structures to increase coherence, transparency and accountability and considering a revision of the the fiscal multipliers on which assumptions are based.
The text also points out that improvements are needed at national level too, especially with regard to “ownership” of the reform process, which, if absent, results in less effective implementation and less positive results.
· Questionnaire - Sent on 22 November to decision-makers of the Troika institutions (COM, ECB, IMF), the Eurogroup, the European Council, and the four countries’ authorities. Answers have been received from the Commission and the rest are expected shortly.
· Delegation to Lisbon - 6 to 7 January
· Delegation to Athens - 8 to 9 January
· Delegation to Nicosia - 10 to 11 January
· Hearing of Commissioner Rehn - 13 January (Strasbourg)
· Hearing with former ECB President Trichet - 14 January (Strasbourg)
· Hearing with ESM director Regling - 15 January (Strasbourg)
· Presentation of draft report in committee - 16 January (Strasbourg)
· Delegation to Dublin - 16 to 17 January
Others meetings beyond these dates are also being planned.