Brussels, 10/01/2013 (Agence Europe) - The trio of players in the troika of lenders (European Commission, European Central Bank and International Monetary Fund) that work in countries in receipt of financial aid makes it possible to have “a more complete assessment and minimise possible errors or omissions” when setting up aid programmes, thanks to the prospects and experience of each player, explained the ECB in a report in response to the questions from the European Parliament as part of the latter's review of the troika's work. The ECB published the report on Friday 10 January.
In a draft report unveiled in December, the MEPs called for the European Stability Mechanism's treaty to be adjusted, with emphasis on the compulsory involvement of the IMF.
The ECB says that countries in receipt of aid had initially provided faulty information that had been used for projections and working out the details of the aid programmes. In its response to the Parliament's questioning, the European Commission says that Greece provided incomplete budget information.
The Parliament's investigation into the work of the troika has shifted up a gear with MEP missions to the countries in question, most recently Portugal and Cyprus. Euro Commissioner Olli Rehn, along with the former head of the ECB, Jean-Claude Trichet and Klaus Regling, Managing Director of the ESM, will attend a hearing at the European Parliament in Strasbourg next week. (EL/transl.fl)