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21/3/2019  
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Troika under consideration


The so-called troika is made up of the European Central Bank, European Commission and International Monetary Fund. Despite the important role that they have achieved in the management of the euro crisis, much of its work has suffered from a lack of transparency (most of its meetings were develop behind closed doors). But fortunately, finally the cracks in their assumptions and erroneous analytical basis start to come out.
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In seems that other EU institutions (European Parliament, the European Economic and Social Committee and European Committee of the Regions) have barely heard of the gaps of their work; not until the active MEP Sven Giegold, from the Green group has taken action requesting a hearings on the issue in the Parliament, with the intention of structuring a comprehensive report in relation to their gloriuos actions.

In my opinion, it is very appropiate to take a stock of this dark period, once the IMF and the Commission recognize the disastrous, results of its austerity dogmas, so often questioned by those who represent the EESC.

So, not far away the 5th of November the European Parliament Committee ECON gathered together in a meeting the European Central Bank, the European Commission and  some academics to reflect and demand explanations on the results of the implementation of the policies in the territories subject to the bailout (Greece, Cyprus, Ireland and Portugal). They highlighted three major findings:
  • the acceleration in the contraction of their economies;
  • the dramatic increase of job destruction and their precariousness of european jobs and;
  • the increased public debt which is much higher than initial forecasts (in other words: insufficient reduction of deficits)
Given the diabolical spiral that has impoverished these economies, many citizens look forward to the real accountability, with particular attention to the cases which show off an improper legislative implementation within the member States, based on the erroneous demands. From here, we trust (with some reservations) to take into account the learned lessons.

In short, in "the European South" has suffered in his flesh contempt excessive commitments in these years: repeatedly, we have been crossed out of irresponsible and wasteful. And, to atone for our sins, we have been subjected to successive internal devaluations and when forced to seek for a job in the "Advanced Europe" they have tried to pay us less.

But once stated such interested speech, some institutions - to the fury of Germany- some confess (maybe is that Mr Barroso and is already packing his things?) Unexpectatly, imbalances are coming from all parts (and as far as I know, for years almost all the member States have consistently failed to fulfill with the Stability and Growth Agreement), beyond the troika they will only fix their magnifying glass on the ragged.

To sum up: the excessive surplus  trade of the most powerful is closely related to the gradual weakening of yje domestic the demand of the most vulnerable, who have held in advance the appreciation of the euro at the expense of depressing their precarious economies (drop in aggregate demand and consequently, introduction of a bias deflation).

And against the asymmetric shocks, away from investing and spending in "the South" powerful neighbours steal us skilled labor (which has cost so much to our public funds). And, to make the matters worse, paying negative interest for the national debt.

Therefore I wonder: Is this what is called solidarity? Perhaps mercifully, we must speak about blindness, but honestly, this reading is losing day to day if its already low credibility .

Carlos Trias
EESC member and Director of ASGECO

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