The European Parliament voted today on a report evaluating the role and the operations of the Troika with regard to the euro area programme countries (Greece, Portugal, Ireland and Cyprus). The report points out that the Troika assistance was necessary to avoid further deterioration of the economic situation and a disorderly default.
The European Parliament voted today on a report evaluating the role and the operations of the Troika with regard to the euro area programme countries (Greece, Portugal, Ireland and Cyprus). The report points out that the Troika assistance was necessary to avoid further deterioration of the economic situation and a disorderly default. It also stresses that the adjustment programmes have started bearing fruit.However the report calls for strengthening the democratic accountability and legitimacy of the Troika. The Parliament stresses that it is the Eurogroup that bears the political responsibility for the programmes and the national governments for their implementation. Blaming the Troika is scapegoating and wrongly blames EU institutions for adverse effects.
Sylvie Goulard (Modem, France) ALDE coordinator in the ECON committee said: ”This evaluation has been useful to start democratising the current process that people identify with the Troika. This process was indeed necessary but prepared in response to an emergency and does not represent a considered mechanism to address macro-financial difficulties in the countries in question. The situation in 2010-11 was dramatic but it does not mean that we need to continue with this intrusive policy without questioning and reviewing it. Without restoring democratic legitimacy and accountability we will contribute to citizens wrongly blaming Europe for the effects of the crisis”.
ALDE spokesperson for the dossier in the Economic and Monetary Affairs Committee Nils Torvalds (Swedish People’s Party, Finland) said: ”The Troika was necessary to avoid financial collapse, but that doesn´t mean no mistakes were made. There are certainly lessons to be learned. However, I deplore the way the EU institutions are being portrayed as the scapegoat, when political responsibility lies with the EU Finance Ministers and national governments. When the worst of the crisis now is behind us we must focus on how to establish a crisis management for the future so that we are better prepared and so that any future programme has a clearer responsible to the democratic structures”.