Moscovici responds to Papadimoulis on the operation of the of the troika
The European Commissioner for Economic and Financial Affairs Pierre Moscovici in his response to a query submitted by SYRIZA MEP and Vice-President of the European Parliament left the possibility of replacing the troika with a more democratically legitimate and more accountable structure open.
Papadimoulis had raised the issue of the operation of the troika and the initiatives of the new European Commission, regarding the replacement of the troika model in countries subject to Macroeconomic Adjustment Programmes.
Moscovici in his response noted that the democratic accountability of the crisis resolution strategy is truly of fundamental importance and stressed that all the MOUs as part of the macroeconomic adjustment programme were signed by democratically elected national governments.
He added that the Commission would examine the role of the so-called troika, including the possibility of its replacement over time with a structure that has greater democratic legitimacy and accountability, will be based on the European institutions and will be subject to greater parliamentary control on a European and national level.
He concluded by saying that since the change of the existing structure involves the examining of complex institutional, legal and fiscal issues, the proposals should be discussed and agreed by member-states.
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