Accountability of Troikas

[Greengoddess]

CHILDERS: TROIKA MUST BE ACCOUNTABLE TO EUROPEAN PARLIAMENT
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Speaking today in Strasbourg, Nessa Childers MEP said that the Troika must become more democratically accountable.

"There is an ideology underpinning the Troika's approach to Ireland and other programme countries, that cutting back on investment and services will result in economic stability.* We are in danger of a situation where states under the direction of*the Troika are being consigned to decades of*austerity and recession.
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"Their approach has been challenged by both ICTU and Social Justice Ireland, and I believe strengthens the case for more accountability and transparency around Troika decisions.
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"We must make the Troika*more democratically accountable. The European Parliament should have a veto over the appointment of Troika chiefs, with regular report-backs*to the relevant parliament committee and the right to audit Troika actions. Parliament should ensure that Troikas respects core EU principles, including*social justice, social cohesion and subsidiary."

I also believe that there must now be citizens representatives on our debt-reduction negotiating team . What an idea!

[Holly]

Irish politicians are a disgrace; not only have they got us into colossal unsustainable debt, but they continue to honor bad decisions by an almost defunct Fianna Fail party. The Irish have no one to blame but themselves for voting in this shower.

[Captain Con O'Sullivan]

Good move there by Nessa Childers. In fact, I noticed recently that the Troika which includes the ECB I think bumped into something of a barrier in Greece or at least their agents in the current 'agency' government did.

The European Social Charter I believe has minimum standards to adhere to which prevents signatory countries imposing austerity to a certain degree. This leaves the possibility of legal challenge to the worst of austerity measures and a determination that some demands may prove illegal.

Childers is right also in pointing out that the ECB as a member of the Troika appears to be following an ideology not agreed or under the supervision of the European Parliament.

The ECB in public statements over the last few years has been forgetting or ignoring the fact that it is an EU institution and blissfully unaware that it should be subject to European regulation and oversight.

Perhaps the EU Parliament are beginning to wake up and smell the privatised coffee operating in their midst and interestingly enough engaging in political discussion at member government level without much recourse to Parliament.

A decent angle to open up, politically. It will be interesting to see how many members of the European Parliament are awake to the fact that the ECB seems to be acting under 'leadership without authority' and wandering very far from its remit.

[Captain Con O'Sullivan]

Hmmm .. 'The ECB president also began his two-hour appearance in Berlin by repeating his line that politicians, not central bankers, must take the decisive steps to ensure Europe's future.' http://www.guardian.co.uk/business/2...orandum-draghi

We now have central bankers outlining the terms of exactly how 'systemic' they are- by effectively demanding that politicians do what central bankers want.

[Captain Con O'Sullivan]

It gets better. The German Finance Ministry sent a list of demands to the Greek Govt this morning;

' the creation of an escrow account managed by an external body such as the European Central Bank. All aid payments will be placed in this account.

More controversially, the measure also outlines that some Greek revenue will be directed straight into this account, once Greece has reached a primary surplus.

• Should Greece miss its targets, the government would have to make sweeping cuts to all areas of official spending.

• Greece could need "external approval" from a body such as the EU commission before it could borrow. This is described as being "along the lines of supervision of regional or local authorities by some federal states" - even though Europe is not (yet) a federation.

• Greece will receive compulsory 'technical aid' to improve its tax collecting service, anti-corruption operations and privatisation programme.

To Vima, the Greek newspaper, reports that the list was sent to Athens by the German finance ministry, and released by the Pasok party (a junior member of the coalition government).'

The Germans have simply stopped hiding behind the Troika. As a commentator in the Guardian article linked to above said 'this is as close as you can get without actually sending tanks in'.

[Greengoddess]

it gets better. The german finance ministry sent a list of demands to the greek govt this morning;

' the creation of an escrow account managed by an external body such as the european central bank. All aid payments will be placed in this account.

More controversially, the measure also outlines that some greek revenue will be directed straight into this account, once greece has reached a primary surplus.

• should greece miss its targets, the government would have to make sweeping cuts to all areas of official spending.

• greece could need "external approval" from a body such as the eu commission before it could borrow. This is described as being "along the lines of supervision of regional or local authorities by some federal states" - even though europe is not (yet) a federation.

• greece will receive compulsory 'technical aid' to improve its tax collecting service, anti-corruption operations and privatisation programme.

To vima, the greek newspaper, reports that the list was sent to athens by the german finance ministry, and released by the pasok party (a junior member of the coalition government).'

the germans have simply stopped hiding behind the troika. As a commentator in the guardian article linked to above said 'this is as close as you can get without actually sending tanks in'.

😱

[Greengoddess]

This is terrible. But at least undisguised . Is this what we face?
I am thinking about the idea of citizens reps on the negotiating team . How would they be chosen etc. I don't like to go on media without some thought on this . It is the only way we can increase accountability and mitigate the Stcockhom Syndrome ( a misnomer actually). They would have to be rotated too.
Any ideas? Not ones please that involve taking a swipe at me. You can do that later!

[Count Bobulescu]

This is terrible. But at least undisguised . Is this what we face?
I am thinking about the idea of citizens reps on the negotiating team . How would they be chosen etc. I don't like to go on media without some thought on this . It is the only way we can increase accountability and mitigate the Stcockhom Syndrome ( a misnomer actually). They would have to be rotated too.
Any ideas? Not ones please that involve taking a swipe at me. You can do that later!

This suggestion is far from ideal, but I think the fastest easiest way to select would be to have a Seanad panel style election. People are familiar with the process, and it would help ensure qualified applicants.