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As the so-called Troika is set to return to Greece on Wednesday for a bailout review,
MEPs criticised on Tuesday the accountability of its inspectors and lack of 'democratic
legitimacy'.
In a public hearing at the European Parliament in Brussels, EU lawmakers also accused the
Troika of making mistakes in the economic forecasts behind the bailout programmes for
countries like Greece or Ireland.
The solutions we have to develop have to reflect the existing problems of the Troika, which
had existed right from the beginning. It was an emergency situation so it is an emergency
structure. Therefore, the structure is intergovernmental and not a common one. Therefore, the democratic
legitimacy is missing in the common framework, also as the democratic control.
Facing down questions over how successful their work has been, officials from both the
European Commission and the ECB said that the Troika model had "proved useful" in dealing
with crisis-hit countries.
They admitted, however, that some mistakes were made in their economic predictions.
The Troika model has proved useful for dealing with the challenges facing Euro-area member
states. And the three institutions have stated their intendancy to continue their involvement
in the Troika work for the future. The Commission is aware of the own initiative
of the European Parliament to study the functioning of the Troika with a view to enhancing its
legitimacy.
The Troika comprises non-elected officials from the Commission, the IMF and the ECB and
they are responsible for designing the conditions imposed on eurozone countries that receive
international aid.
A general strike is being organised in Greece on Wednesday to protest austerity measures
imposed by troika.