Transparency International slams Eurogroups methods

first_imgTransparency International’s report on corruption was stinging when it came to Eurogroup.The clandestine meetings of eurozone finance ministers that belong to the group was slammed. “For an institution whose decisions have had an impact on the lives of millions of Europeans, there is much about the Eurogroup that is mysterious,” the anti-corruption watchdog stated.Though the eurogroup is an informal grouping, it has drawn up harsh and crippling bailout plans for Greece, Cyprus, Ireland, Portugal and Spain.The group meets once a month and was a “talking shop” prior to the debt crisis that plagued the EU, however its role changed once the crisis took its toll on the euro.From 2010 through to 2013, ministers drew up bailouts and monitored Eurozone members spending plans, taking the control from the finance teams of national governments. France and Germany account for half the Eurozone’s GDP, hence hold much of the power leaving smaller member states, such as Greece, to feel “pressure from financial markets and time constraints” and without leeway when it comes to “blocking proceedings”.Transparency International recommended the formalisation of the Eurogroup with greater transparency and direct accountability to the European Parliament. It is also suggested that the group have a full-time presented who would hold clear responsibility for decisions.CLICK HERE to read the full report.  Facebook Twitter: @NeosKosmos Instagramlast_img read more