The EU, the troika inquiry and the big disconnect

January 14th, 2014
Nick Malkoutzis, Macropolis


Appearing at a troika inquiry hearing on Monday, European Economic and Monetary Affairs Commissioner Olli Rehn argued that national parliaments get ultimate approval of the bailout deals. This conveniently disregards the fact that MPs in bailout countries vote under extreme duress.

In February 2012, Greek MPs had two days to read around 800 pages that made up the second EU-IMF memorandum before voting on whether to approve the bailout deal.

The MEPs on the troika panel are trying to chisel away at this stubbornness, to carve out a role for the European Parliament – the only EU institution that has a direct link to voters – in decisions that impact on millions of lives and are key to shaping Europe’s future. "By launching an enquiry into the work undertaken by the Troika, MEPs have assumed a crucial and delicate task,” said Juergen Klute, an MEP, with the GUE/NGL group. “Since the start of the inquiry the European Council and the IMF have made it clear that they are not interested in democratic accountability and transparency." (...)