A team of economists of the European Commission has carried out an ex post evaluation of the three year EU/IMF financial assistance for Portugal, which ended in May 2014. Lessons are drawn for the future on issues such as the importance of a focus on the most macro-critical weaknesses affecting the functioning of the economy […]Read More..
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Court of Auditors Report on Financial assistance: Lessons from the Initial EU Crisis Response for the Future of EU Economic Governance – by Agnieszka Smolenska (EUI)January 28, 2016
Agnieszka Smolenska is a PhD Researcher at the EUI studying the application of state aid rules to banks from 2007 in the context of the emerging frameworks for EU and Eurozone financial regulation and supervision On 26 January the Court of Auditors published a Special Report on “Financial assistance provided to countries in difficulties”, a […]Read More..
26 January: European Court of Auditors presents report on Financial assistance provided to countries in difficultyJanuary 27, 2016
On 26 January the European Court of Auditors published its report on Financial assistance provided to countries in difficulty, in particular on how well the European Commission managed the assistance provided to five countries — Hungary, Latvia, Romania, Ireland and Portugal. The Court of Auditors finds that the Commission was unprepared for the magnitude of […]Read More..
19 February: Heads of State and Government agree on principles governing relationship euro in’s and out’sFebruary 20, 2016
Following the UK's request for a New Settlement within the EU and in light of the British referendum on EU membership to be held on 23 June 2016, the Heads of State and Government during their European Council meeting of 18/19 February agreed (next to issues relating to for example social benefits and free movement, […]Read More..
After its meeting, the Eurogroup published a statement supporting the Cypriot authorities' decision to exit the programme without a successor programme: "The Eurogroup supports the Cypriot government's decision to exit its macroeconomic adjustment programme without a successor arrangement. The Eurogroup commends the Cypriot authorities for the overall successful implementation of the programme and the important […]Read More..
On 31 March 2016, Cyprus has exited its financial assistance programme, three years of it had agreed to the programme in March 2013 (after an initial request in June 2012). This means Cyprus is now again subject to many rules of the normal EU economic governance framework and also subject to post-programme surveillance (PPS) until […]Read More..
After an invitation from Greek Prime Minister Tsipras, the European Parliament has created a Working Group within the ECON Committee, to strengthen its efforts to ensure a strong parliamentary scrutiny of financial assistance programmes. The first fact-finding mission of the ECON Working Group took place in Athens on 30 and 31 March 2016. The delegation […]Read More..
In an attempt to secure IMF participation in the 3rd Greek assistance programme, the Eurogroup of Monday 9 May agreed that: "In line with the statements of the Euro Summit and the Eurogroup in the summer of 2015, the Eurogroup stands ready to consider, if necessary, possible additional debt measures aiming at ensuring that Greece's […]Read More..