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European Court of Auditors special report no 18/2015: Financial assistance provided to countries in difficulties

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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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