194:. The work of the three members were distinct: the IMF co-financed the loans for Greece, the ECB focused its competences on the banking system and the Commission worked on economic reforms with the IMF. The "Troika solution" was controversial in the Euro crisis' solution following the Lisbon Treaty, as supranational organizations increased their presence among the institutional landscape of the European Union. At this time, the EU was more technocratic and emphasised the controlling aspect of the Troika mechanism. During the crisis period, Germany played a dominant role and took power to rebalance its national interests. The European strategy was implemented with the goal of reducing the Greek fiscal deficit from 15% to 5%. In 2015, the GDP of Greece remained stagnant compared to 2009, and the loans appeared to be insufficient to achieve the fiscal goals fixed by the Troika: 90% of the amount paid interest.
427:(ECB) does not participate in the decision-making of the programme, these decisions are taken by the IMF and the Finance ministers of the Member States. The role of the ECB can be divided into three groups: A first aspect is the role of verbal interventions addressed to distressed Member States and financial markets. Its second role is the one where the ECB changes collateral policy and large-scale medium-term liquidity creation to encourage markets to invest in higher-yielding government bonds. Its third and most controversial role is the one where the ECB launches the Securities Market Programme, a kind of shaping programme that targets fiscal adjustment and structural reforms in the fiscal policy of individual member states. The ECB also provides advice and expertise on a broad range of issues relevant to the monetary policy and the financial stability of the eurozone countries.
386:. In the months leading up to the euro crisis, the IMF already had concerns that countries in the European periphery would be a potential threat to the other major financial markets in Europe via their commercial banks’ balance sheet exposures. When the first effects of the crisis emerged in Greece, the IMF was kept at a distance. The EU saw this as an internal matter and wanted to resolve it internally, yet the IMF was pulled in eventually. It was seen as a reliable, neutral organisation that had expertise in helping highly indebted countries. The IMF was responsible, together with the finance ministers, for the decision-making in the financial programmes.
106:
512:. Whereas the IMF advocated for more robust debt relief, the EU insisted on more limited options. The European institutions prioritised the maintenance of cohesion and protection of their own rules. Also, the members of the Troika could not agree upon potential risks of financial spillovers across member states of the EZ. For the European institutions, this was a very sensitive topic; this is why the objective was to avoid
523:. Scholars such as Kevin Featherstone, Judith Clifton, Daniel Diaz-Fuentes and Ana Lara Gómez came to the conclusion that austerity policies in Greece were more harsh than in Ireland, emphasising political and socio-economic consequences, specifically unemployment, emigration, and deterioration of citizens' physical and mental health. Other critics of the Troika are
182:. These institutions had wide influence and increased their power over time. They implemented a strong austerity program for the adjustment of Greek fiscal measures. The political impact of the austerity imposed on countries of the EU periphery, which were confronted with significant debt, led to "a predominant economic and social dislocation".
582:, the post of Secretary-General of the Council was separated from the post of High Representative for the CFSP, which then assumed the responsibilities of the European Commissioner for External Relations. Since only two of the original posts making up the troika still exist, the definition of a triumvirate is no longer met.
246:
Social benefits and wages could not be sustained due to the crisis. With a deteriorating social situation and weak domestic production, growth of Greek debt overtook the GDP rate. For the creditor countries, one of the most important conditions for the bailout was the liberalisation of production and
443:
in order to analyse the level of the Troika's accountability. According to the findings of the committee, the Troika's members had highly asymmetric distribution of responsibilities. In addition, differing mandates together with varying negotiation and decision-making structures only led to more
177:
to these states since 2010, and the financial measures and government policies that the three institutions have demanded to be implemented in return by Greece and the other nations concerned. Slovenia barely avoided intervention by the Troika in 2013, thanks to the loan of EUR 1.5 billion from
333:
The Troika can be considered as a working group in charge of negotiating financial assistance programmes with indebted
Eurozone countries. Apart from that, it also carries out evaluations of the implementation level of the programme. The financial assistance in itself is provided by special
410:
The fact that the
Commission was acting on behalf of the member states in the case of financial assistance programs was far removed from its political role. The question remains as to how the Commission can reconcile its task within the EU and within the Troika. By acting on behalf of some
286:
The Troika set out the conditions under which financial assistance, or promises of assistance, would be approved to
European countries in financial difficulties. When the three organisations offered assistance, the necessary measures and reforms were imposed in the form of a
488:
tried to reassure people and highlighted the fact that "if nothing had been done for Greece, the impact of the crisis would have been undeniably worse for this country". As it turned out, the Troika underestimated the impact of austerity policies on economic growth.
402:
that provided the loans to the
Eurozone (EZ) countries in financial need. This function raised some concerns with the ‘independent’ function of the European Commission within the EU’s political framework. According to article 17 of the TEU
197:
For Cyprus, Greece (thrice), Ireland and
Portugal, the European Commission, the ECB and the IMF agreed on Memoranda of Understanding with the relevant governments in a three-year financial aid programme on the condition of far-reaching
560:
448:
observed that the response to the crisis lacked transparency and even credibility. In fact, the Troika had questionable legal basis at all because it was established as an emergency solution. German politician
1247:
1203:
405:
the
Commission has to act completely independent in carrying out its responsibilities, and they shall refrain from any action incompatible with their duties or the performance of their tasks
306:. Article 125 TFEU together with article 123 TFEU prevents countries of the eurozone with financial problems from being supported by other stakeholders, like the European Central Bank,
556:
1226:"Report Plenary sitting on the enquiry on the role and operations of the Troika (ECB, Commission and IMF) with regard to the euro area programme countries (2013/2277(INI))"
453:
stated that in his view it was incorrect to discuss the lack of democratic legitimacy of the Troika since the adjustment programmes had been approved by the parliaments of
1181:
315:
1548:
1493:
1446:
854:
548:
223:
218:
476:
but also for the member states themselves. Many
European citizens claimed that the budget cuts resulted in the EZ's longest recession since the creation of the
568:
1225:
435:
The consequences of the decisions taken by the
European Troika resulted in many critics both within the European institutions and at national levels. The
339:
235:
230:
632:
797:[Kinsella, Maurice; Kinsella, Ray. (2018), Troikanomics: Austerity, Autonomy and Existential Crisis in the European Union, Palgrave Macmillan, 217p.
213:
611:
571:. The "troïka" represented the European Union in external relations that fell within the scope of the common foreign and security policy (CFSP).
516:. If the Troika had paid more attention to cross-country spillovers and deteriorating conditions, the consequences could have been less harmful.
1269:
335:
596:
575:
458:
439:
was excluded from negotiations and therefore decided to establish a special committee of inquiry led by the
Austrian centre-right MEP
1703:
564:
412:
375:
355:
307:
247:
the labour market in Greece. Reforms taken in a context of fiscal austerity can have negative effects without short-term improvement.
85:
1335:
382:. A second objection was that relying on the IMF's help was an admission of failure of the Eurozone, and a dent in confidence in the
120:
70:
1100:
1008:
925:
892:
807:
702:
462:
398:
within the
European Troika was to participate in the Troika negotiations and the periodical supervising exercises on behalf of the
1357:
1313:
1135:"The Eurozone's Crisis of Democratic Legitimacy: Can the EU Rebuild Public Trust and Support for European Economic Integration?"
1698:
1663:
1563:
1117:
606:
347:
1291:
552:
374:(IMF) as a member of the Troika was not considered at the time. Firstly, this organisation is an 'outsider'; it is not an
601:
343:
1405:
1118:"The role of the European Central Bank in the design and implementation of financial measures in crisis-hit countries"
961:
659:
501:
371:
288:
280:
170:
50:
754:
351:
1025:
941:
Soares, Antonio. "EU Commission participation in the Troika mission: is there a European Union price to pay?".
480:
single currency in 1999. During that period, the efficiency of the Troika was another cause of concern but the
105:
519:
The academic community criticised the Troika, accusing it of having immense power and pursuing an approach of
31:
636:
203:
1542:
1487:
1440:
825:
505:
497:
481:
424:
299:
276:
166:
46:
1509:"The crisis as opportunity? on the role of the Troika in constructing the European consolidation state"
780:
1564:"External conditionality and the debt crisis: the 'Troika' and public administration reform in Greece"
1629:
591:
268:
114:
54:
808:"8. Enter the troika: The European Commission, the IMF, the ECB | European Stability Mechanism"
660:"Διεκδικητική στάση έναντι της Τρόικας ζητά η ΕΔΕΚ (EDEK Asks for Assertiveness Against the Troika)"
302:
is considered debatable. The creation of this mechanism was due to a political and legal gap in the
1508:
1462:"Reining in auditors: On the dynamics of power surrounding an "innovation" in the regulatory space"
520:
493:
485:
466:
436:
395:
295:
272:
267:, but it is also used to describe an informal alliance between three actors. In the context of the
190:
The origin of the European Troika can be traced back to the Greek loan package of May 2010 and the
162:
42:
1586:
1382:
513:
327:
1645:
1096:
1004:
921:
888:
675:
303:
1578:
1528:
1520:
1473:
1428:
1420:
1062:
1052:
1041:"EU Commission participation in the Troika mission: is there a European Union price to pay?"
996:
913:
524:
492:
Another problem was in the different philosophies in relation to economic policy across the
469:; however, the parliaments did not know the implications when they approved the programmes.
319:
264:
260:
89:
1611:
1204:"Troika's overall response to the crisis has lacked transparency and at times credibility"
1134:
706:
687:
450:
540:
473:
379:
138:
81:
27:
The European Commission, the European Central Bank and the International Monetary Fund
1692:
1590:
728:
579:
445:
547:
composed of the Foreign Affairs Minister of the Member State holding the (rotating)
41:
is a term used to refer to the single decision group created by three entities, the
880:
859:
528:
440:
1671:
855:"Government Statement on the announcement of joint EU - IMF Programme for Ireland"
472:
The Troika interventions generated long-lasting political damage not only for the
318:. Therefore, the competences of the Troika originated in a statement taken by the
1582:
544:
359:
77:
17:
1248:"Parliamentarians call for more legitimacy in economic policy-making in the EU"
1057:
1040:
65:
of Cyprus, Greece, Ireland and Portugal, in the aftermath of their prospective
1478:
1461:
1424:
454:
158:
66:
322:
to establish a joint programme and to provide conditional bilateral loans to
509:
199:
1524:
444:
divisions and made it difficult to find a common approach. The British MEP
1067:
399:
311:
150:
1182:"Troika helped to avoid the worst, but flawed structure harmed recovery"
1159:
271:, the term ‘Troika’ refers to the cooperation between three actors: the
1533:
1432:
1404:
Cohen S., Guillamón M.-D., Lapsley I. and Robbins G. (17 August 2015).
1026:"Mededeling van de Commissie, een routekaart voor stabiliteit en groei"
755:"La troika vigilará que se cumplan las reglas pactadas para el rescate"
174:
146:
62:
993:
Safeguarding the Euro in times of crisis, the inside story of the ESM
527:, a former Greek finance minister, German writer Fritz R. Glunk, and
323:
134:
130:
1000:
917:
658:
Kathimerini Newspaper Newsroom/Cyprus News Agency (2 April 2014).
179:
154:
104:
962:"Statement by the heads of state and government of the euro area"
729:"Estudo entregue à troika propõe fecho de 800 km de linha férrea"
477:
383:
191:
1358:"EU-IMF assistance to euro-area countries: an early assessment"
703:"RTÉ.ie Extra Video: EU/IMF rescue package - troika briefing"
633:""Τεστ αντοχής" από την τρόικα ("Stress test" by the Troika)"
415:, the Commission is departing from its independent position.
1336:"Greek Bailout: IMF and Europeans Diverge on Lessons Learnt"
783:[Hello, Slovenia! Pay and There Will Be no Troika].
346:(ESM). These financial programmes are concluded outside the
362:, even when exercising authority outside of the Treaties.
202:
measures to be imposed on their societies in order to cut
1507:
Clifton, J., Fuentes, D. and Gómez, A. (4 October 2018).
826:"The Euro Crisis and the Future of European Integration"
76:
Earlier, "troika" had been used as the designation of a
84:
in its foreign relations, in particular concerning its
1406:"Accounting for austerity: The Troika in the Eurozone"
557:
Secretary-General of the Council of the European Union
1270:"Repairing the political damage caused by the Troika"
320:
Heads of State and Government of the EU member states
291:
between the Troika and the Member States concerned.
535:
Earlier troika (Common foreign and security policy)
1513:Cambridge Journal of Regions, Economy and Society
1413:Accounting, Auditing & Accountability Journal
96:Background of the financial crisis bailout troika
1095:. Cambridge University Press. pp. 104–105.
887:. Cambridge University Press. pp. 104–105.
631:Hellenic Broadcasting Corporation (6 May 2011).
224:Second Economic Adjustment Programme for Greece
219:First Economic Adjustment Programme for Greece
1664:"Chomsky Offers Insight Into IMF, World Bank"
1314:"Parliament seeks tougher controls on Troika"
995:. Publications Office of the European Union.
8:
1547:: CS1 maint: multiple names: authors list (
1492:: CS1 maint: multiple names: authors list (
1445:: CS1 maint: multiple names: authors list (
569:European Commissioner for External Relations
294:The legal basis for the action taken by the
109:2013 protests against the Troika in Slovenia
1140:. Publications Office of the European Union
781:"Halo, Slovenija? Plačaj, in trojke ne bo!"
635:(in Greek). www.news.ert.gr. Archived from
508:in charge of economic and monetary affairs
1292:"Rehn and Reding clash on troika's future"
340:European Financial Stabilisation Mechanism
236:Economic Adjustment Programme for Portugal
1532:
1477:
1460:Malsch, B and Gendron, Y (October 2011).
1066:
1056:
231:Economic Adjustment Programme for Ireland
1123:. European Parliament Policy Department.
910:Safeguarding the Euro in times of crisis
326:. The Troika falls outside the scope of
214:Economic Adjustment Programme for Cyprus
623:
61:authority with a mandate to manage the
1540:
1485:
1438:
1250:. European Parliament. 23 January 2014
819:
817:
683:
673:
1466:Accounting, Organizations and Society
336:European Financial Stability Facility
7:
1206:. European Parliament. 11 April 2013
1184:. European Parliament. 13 March 2014
1646:"Schattenmächte von Fritz R. Glunk"
612:2010–14 Portuguese financial crisis
662:(in Greek). www.kathimerini.com.cy
565:Common Foreign and Security Policy
358:should act in accordance with the
86:common foreign and security policy
25:
1571:Journal of European Public Policy
787:(in Slovenian). 12 December 2016.
1383:"Europe's Troika should grow up"
597:2012–13 Cypriot financial crisis
53:(IMF). It was formed due to the
1338:. Chatham House. 16 August 2018
853:O'Carroll, Lisa (2010-11-28).
607:Post-2008 Irish banking crisis
209:For details in each case, see
186:Economic adjustment programmes
1:
1091:Tuori, Kaarlo; Tuori, Klaus.
991:Dijsselbloem, Jeroen (2019).
908:Dijsselbloem, Jeroen (2019).
735:(in Portuguese). 26 June 2011
121:Financial crisis of 2007–2008
71:financial crisis of 2007–2008
1583:10.1080/13501763.2014.955123
1562:Featherstone, Kevin (2015).
1160:"MEPs launch Troika inquiry"
705:. www.rte.ie. Archived from
602:Greek government-debt crisis
344:European Stability Mechanism
559:(who also held the post of
372:International Monetary Fund
366:International Monetary Fund
308:European Union institutions
289:Memorandum of Understanding
281:International Monetary Fund
171:International Monetary Fund
51:International Monetary Fund
1720:
1058:10.1590/0034-7329201500106
761:(in Spanish). 11 June 2012
701:RTÉ News (15 April 2011).
539:This term was used in the
350:, and thus outside of the
118:
112:
29:
1704:Russian words and phrases
1479:10.1016/j.aos.2011.06.001
1425:10.1108/AAAJ-04-2014-1668
259:’ has its origins in the
142:
1634:– via Audible.com.
1039:Soares, Antonio (2015).
334:mechanisms, such as the
129:has been widely used in
977:Art. 3, §6 TEU; Art. 4
912:. Publications Office.
400:Eurozone Member States
352:jurisdiction of EU law
204:government expenditure
110:
92:was ratified in 2009.
1699:Political terminology
1228:. European Parliament
1116:European Parliament.
1045:Rev. Bras. Polít. Int
1024:European Commission.
943:Rev. Bras. Polít. Int
506:European Commissioner
431:Critics of the Troika
425:European Central Bank
419:European Central Bank
277:European Central Bank
251:Institutions involved
167:European Central Bank
108:
80:that represented the
47:European Central Bank
1612:"Adults in the Room"
1525:10.1093/cjres/rsy021
592:European debt crisis
553:Council of Ministers
543:when referring to a
304:Treaty of Maastricht
265:three-horse carriage
115:European debt crisis
69:caused by the world
55:European debt crisis
30:For other uses, see
1093:The Eurozone Crisis
885:The Eurozone Crisis
833:Scholar.harvard.edu
561:High Representative
521:fiscal conservatism
486:Jean-Claude Trichet
437:European Parliament
396:European Commission
390:European Commission
273:European Commission
163:European Commission
43:European Commission
1631:Adults in the Room
1616:Yanisvaroufakis.eu
960:European Council.
686:has generic name (
514:debt restructuring
312:Eurozone countries
111:
101:Role of the Troika
88:(CFSP), until the
504:according to the
348:European Treaties
16:(Redirected from
1711:
1683:
1682:
1680:
1679:
1670:. Archived from
1660:
1654:
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1642:
1636:
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1021:
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988:
982:
975:
969:
968:
966:
957:
951:
950:
938:
932:
931:
905:
899:
898:
883:; Tuori, Klaus.
877:
871:
870:
868:
867:
850:
844:
843:
841:
839:
830:
821:
812:
811:
810:. 4 August 2019.
804:
798:
795:
789:
788:
777:
771:
770:
768:
766:
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745:
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742:
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719:
718:
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714:
709:on 18 April 2011
698:
692:
691:
685:
681:
679:
671:
669:
667:
655:
649:
648:
646:
644:
628:
525:Yanis Varoufakis
394:The role of the
173:that provided a
157:to refer to the
144:
90:Treaty of Lisbon
21:
18:Troika (finance)
1719:
1718:
1714:
1713:
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1710:
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1686:
1677:
1675:
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1657:
1644:
1643:
1639:
1628:
1627:
1623:
1618:. May 30, 2017.
1610:
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1133:
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1128:
1120:
1115:
1114:
1110:
1103:
1090:
1089:
1085:
1081:Article 17 TEU.
1080:
1076:
1038:
1037:
1033:
1023:
1022:
1018:
1011:
990:
989:
985:
976:
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902:
895:
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852:
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847:
837:
835:
828:
824:Peter A. Hall.
823:
822:
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796:
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629:
625:
620:
588:
537:
451:Norbert Lammert
433:
421:
392:
370:A role for the
368:
356:EU institutions
354:. However, all
342:(EFSM) and the
253:
244:
188:
123:
117:
103:
98:
35:
28:
23:
22:
15:
12:
11:
5:
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1707:
1706:
1701:
1691:
1690:
1685:
1684:
1655:
1637:
1621:
1603:
1577:(3): 295–314.
1554:
1519:(3): 587–608.
1499:
1472:(7): 456–476.
1452:
1419:(6): 966–992.
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1374:
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1305:
1283:
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1001:10.2852/788601
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918:10.2852/788601
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813:
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650:
622:
621:
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614:
609:
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587:
584:
574:With the 2009
541:European Union
536:
533:
474:European Union
432:
429:
420:
417:
391:
388:
380:European Union
367:
364:
316:Monetary Union
279:(ECB) and the
252:
249:
243:
240:
239:
238:
233:
228:
227:
226:
216:
187:
184:
102:
99:
97:
94:
82:European Union
49:(ECB) and the
26:
24:
14:
13:
10:
9:
6:
4:
3:
2:
1716:
1705:
1702:
1700:
1697:
1696:
1694:
1674:on 2011-11-21
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