Two-faced ECB needs democratic scrutiny
GUE/NGL MEP Marisa Matias has highlighted the Troika's failings before European Central Bank (ECB) President Mario Draghi in a European Parliament plenary debate this morning.
Matias said: “There's an ECB we can introduce to our friends and debate about and another one we leave outside the room. The ECB which is lowering interest rates is the same ECB which is imposing wage reductions through the Troika programmes. The Troika's ECB is not brought up for discussion or subjected to democratic scrutiny.”
“The Troika does not work democratically and this is a serious problem,” she continued. “On top of that there is the question of conditionality: outright monetary transactions are hinged on conditionality imposed on the countries subject to the intervention programmes. We could call this a sort of Troika 2.0.”
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