European Parliament for the Troika: Gentlemen, you failed!

The draft report of the European Parliament, filed Wednesday in the Economic EP by Othmar Karas (EPP, Austria) and Liêm Hoang Ngoc (Socialists and Democrats, France) is a "catapult" for Troika and its role in the countries with fiscal adjustment programs.

The draft also criticizes the eurozone for lack of a legal basis in the establishment of Troika and its role, as it has not taken into account the effects of the policies in Greece and other Member-States affected by the crisis.

As noted, the adjustment programs implemented in Greece did not prevent the controlled default or its contagion to other Member-States. Also, the draft criticizes the European Commission and its dual role as a member of the Troika and the EU.

The draft report also states that the fiscal adjustment programs should be improved with regard to decision-making structures and the need for increased consistency, transparency and accountability.

This draft will form the basis of the political work that will begin in January, with hearings of important factors which determined the content of support programs and the mission of the EC delegations in Cyprus, Greece, Ireland and Portugal.

According to the presented timetable, a delegation of the Committee of Finance will travel to Lisbon from Jan. 6 to 7 2014, Athens from Jan. 8 to 9, Nicosia from Jan. 10 to 11 and Dublin from Jan. 16 to 17.

Before the committee will speak the European Commissioner Olli Rehn (Jan. 13), former ECB president Jean-Claude Trichet (Jan. 14) and ESM manager Klaus Regling (Jan. 15).

The draft report will be formally presented to the Commission on Jan. 16 in Strasbourg and in accordance with the EC announcement more contacts have been planned.