Brussels, 29/10/2013 (Agence Europe) - The political group coordinators at the European Parliament's economic and monetary affairs council agreed on Monday 28 October to draw up a report on the work of the troika (European Commission, European Central Bank and International Monetary Fund) in eurozone nations in receipt of international aid, namely Greece, Portugal, Ireland and Cyprus.
Sven Giegold (Greens/EFA, Germany), one of the initiators of this decision, said: “Despite its very important role in the euro crisis, most of the work took place behind closed doors in an opaque manner.” The European Parliament (EP) has often criticised the lack of democratic scrutiny of decisions by the troika, which negotiates aid plans on behalf of the eurozone and IMF. The exact mandate of the report has yet to be decided, but the conference of the presidents of the EP is expected to give the formal go-ahead next week. The name of Othmar Karas (EPP, Austria) has been mentioned to head the investigation, in cooperation with Liem Hong Ngoc (S&D, France), backed by Belgians Philippe Lamberts (Greens/EFA) and Derk Van Eppink (CRE) as shadow rapporteurs.
Giegold explained: “The original plans of the troika did not work out in any of the countries under scrutiny. The contraction of the economy was more dramatic, increase in unemployment was far stronger and also sovereign debts were far higher than foreseen by the first troika programmes. For these reasons many European citizens expect that the European Parliament finds out what lead to these alarming results. It is particularly important to have a closer look at cases which were in breach of law and in which legislation was applied incorrectly.”
Asked about this move, the European Commission said: “EP own-initiative reports are the prerogative of the European Parliament and are part of its recurring activities. As usual, the Commission will contribute to the preparation of the report and will bring all the assistance needed.” The ECB refused to comment. Members of the ECB Executive Council and ECB President Mario Draghi hold regular meetings with the economic and monetary affairs committee and answer MEPs' questions. The IMF has strict rules about meetings with legislators and its members cannot be forced to attend such meetings. If they agree to meet with legislators, then they have to inform them in advance of the IMF rules governing the meeting. In the spring of 2013, the economic and monetary affairs committee invited IMF experts to Cyprus for a meeting behind closed doors. (EL/transl.fl)