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Troika report praised by Parliament Committee Chair Print E-mail
Thursday, 13 March 2014

The Chair of the European Parliament’s powerful Economic and Monetary Affairs Committee, Sharon Bowles MEP, has praised a report by the Parliament on the workings and operations of the Troika.

The report follows numerous hearings and discussions between the European Parliament, the European Commission, the European Central Bank, the President of the Eurogroup, and the IMF to better understand the decision-making process behind the scenes.

In compiling its report the Parliament organised delegation visits, meeting with the national governments and central banks of Cyprus, Ireland, Greece, and Portugal, as well as the social partners and representatives of civil society, to discuss the processes and impact of the Troika’s programmes to date.

Commenting on the report, Sharon Bowles MEP said:

“In the report Parliament deplores the lack of transparency in the decision-making process of the Troika and makes a number of suggestions to members of the Troika to reinstate democratic legitimacy and accountability into the process, something citizens are demanding and deserve.

“In particular, the Parliament fully endorsed a point I have been making for some time, that in the Troika's decisions the burden has not been shared among all who acted irresponsibly and that the protection of bondholders was seen as an EU necessity in the interests of financial stability.

“I am therefore pleased that today the Parliament has called on the Council to activate the framework it decided on the treatment of legacy assets, so as to breakdown the vicious circle between sovereigns and the banks and alleviate the public debt burden in Ireland, Greece, Portugal, and Cyprus.”

(Source - Sharon Bowles Press Release)


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