15/12/14
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Viviane Reding, Vice-President of the European Commission, calls for an end to the “Troika” – the emergency partnership between the European Commission, International Monetary Fund and the European Central Bank.
The partnership formed in 2010 to oversee financial rescue packages for several countries following the debt crisis in Europe. But speaking at the Citizens’ dialogue event in Heidelberg, Germany, Ms Reding said that its time was over.
“Getting the IMF on board in recent years was an emergency solution. In future, we Europeans have to be able to resolve our problems on our own,” she said. “People have the feeling that the Troika is working behind closed doors, not subject to any form of control.”
The Commissioner added that more public debate on decisions affecting the well-being of millions of Europeans is needed. “Sensitive decisions – be they about privatisations in Greece or joint taxation of income for married couples in Germany – cannot be left to financial experts who have no democratic legitimacy.”
She said the emergency measures put in place in recent years should now be incorporated into the EU treaties and subject to democratic control.
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European Commission President José Manuel Barroso outlined the steps toward a genuine economic and monetary union (EMU) at a conference in Brussels, Belgium.
The European Parliament called for greater democratic accountability and more action to address social problems as part of reforms to deepen European economic and monetary union.
