Role and operations of the Troika with regard to the euro area programme countries

The S&D Group deplores the authoritarian and austerity-driven policies of the Troika, which we feel acts outside EU law. We take the view that technocrats cannot continue to give instructions to democratically elected representatives of the people. Europe needs a genuine European Monetary Fund based on EU law in order to support counties in difficulties and to involve the European Parliament in the decision-making process.

The report concludes that the Troika's decisions are unsound and undemocratic, and it must be phased out. It goes on to recommend that a European Monetary Fund should be set up under community law, with European Commission staff and a community-based European Stability Mechanism (leaving the International Monetary Fund as an optional participant and the European Central Bank as a silent observer). Moreover, in addition to medium-term reform at European level, country-specific solutions are needed more rapidly.