European Court of Auditors special report no 18/2015: Financial assistance provided to countries in difficulties
Author:
|
Price |
FREE |
Publisher |
European Court of Auditors |
Publication date |
26 January 2016 |
ISBN |
978-92-872-3224-3 |
|
Publication synopsis When the 2008 financial crisis triggered a European
sovereign debt crisis, some Member States were forced to
seek macro-financial assistance. This report examines how
well the European Commission managed the assistance
provided to five countries — Hungary, Latvia, Romania,
Ireland and Portugal. We found that the Commission was
unprepared for the magnitude of the crisis, which largely
explains the significant initial weaknesses in its
management processes. A number of the weaknesses we
identified still persist, and the main message of the report
is that the Commission has to strengthen its procedures
for the management of financial assistance.
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