MEPs call for dismantling of EU bailout “troika”

EU Observer ^ | 16.01.14 @ 09:58 | Valentina Pop

[Olog-hai]

The “troika” of international lenders, which sets the terms of eurozone bailouts with little or no democratic oversight, should be replaced by an EU system which is accountable to the European Parliament, MEPs say.

“All European instruments that are not based on EU law are provisional. EU instruments should be based on the community method, with the European Parliament acting as democratic legitimator and control body,” Austrian center-right deputy Othmar Karas told press in Strasbourg on Wednesday (15 January).

Karas is drafting a report together with a French Socialist colleague, Liem Hoang-Ngoc, on the work of the troika.

The name refers to anonymous officials from the European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF) who managed rescue packages for Cyprus, Greece, Ireland and Portugal. …

[Olog-hai]

Funny how they lifted that moniker “troika” from Stalin’s NKVD, isn’t it.

[SunkenCiv]

Thanks Olog-hai.