08 May 2013
Cyprus and the troika came in for more criticism in Parliament but the tone was less harsh than the confrontation with Eurogroup President Jeroen Dijsselbloem the day before. The ECB and the Commission won some cautious respect from MEPs on their transparency, but both were clearly warned they need to push harder to keep banking reforms on track.
One day can make a real difference, as Eurogroup head Jeroen Dijsselbloem can attest. Both the ECB and Commission members of the troika reached out to assure sceptical MEPs that they had learned their own lessons from Cyprus and were not simply shifting blame. MEPs remain upset over how the Cyprus rescue package was handled by the troika, and how not to repeat it elsewhere in Europe in future.
EU Economic and Monetary Affairs Commissioner Olli Rehn set the more conciliatory tone.
B roll (hearing)
The Commission stands by the Cypriot people to help them through these tough times and to rebuild their economy. We will provide technical assistance to Cyprus through a support group and I trust that we can count on your support in mobilising the available resources for Cyprus as quickly and as effectively as possible.
B roll Asmussen
European Central Bank executive board member Joerg Asmussen added that on such reforms accountability needs to rest solely with the EU in future.
In the longer term future I would agree with you that we should return to a fully EU based system and that leads to accountability to the European Parliament and puts the European Commission at the center of this activity.
EPP Group spokesman on Economic and Monetary Affairs Jean-Paul Gauzes said the stance of Rehn in particular was notable...and welcome in comparison with Dijsselbloem´s appearance 24 hours earlier.
Interview EPP MEP Jean-Paul Gauzes
I think that yesterday´s debate with the President of the Eurogroup was well listened to outside this building, and the MEPS reacted vigorously.
Finally I think that today we had a positive outcome thanks to our action of yesterday, as the representatives of the Troika were more determined and have shown willingness to act, taking into account the lessons of the recent past.
Hier je pense que le débat avec le président de le Eurogroup a été connu á l´extérieur, et on a vu que les eurodéputés réagissaient, vigoureusement, et finalement je pense que c'est une conclusion agréable aujourd'hui, de notre action d'hier, puisque que nous avons eu en face des interlocuteurs qui étaient plus détermines, qui ont montrait plus de volonté, et que s´engageaient sur les leçons à attirer et les actions à mener.
While giving the troika the benefit of the doubt, Gauzes wasn´t entirely placated with the answers he heard.
Interview EPP MEP Jean-Paul Gauzes
Today the troika has taken actions, but it´s true that in the medium term we need decisions which sort out European problems without having to ask for help from non-European institutions, with whom coordination would be more difficult.
Aujourd'hui la Troika a engagé des actions, mais c'est vrai que sur le moyen terme il faut arriver à des décisions européennes qui permettent de régler le problème européen sans avoir a faire appel à des institutions étrangères où avec lesquelles la coordination pourrait être plus difficile.
Parliament bared its teeth this week over Cyprus and won some new troika support for a greater role in future banking crisis management. In the near future key decisions are expected on setting up a single rule book for all EU banks and just as important, guaranteeing the deposits of its most vulnerable and smallest customers.
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Troika`s representatives in scrutiny over Cyprus in EP
After a blistering session of criticism directed at Eurogroup head Jeroen Dijsselbloem over the handling of the Cypriot crisis, ECB and Commission members of the troika regain some respect from MEPs but are warned to get their divided houses in order on banking reform.
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