Financial assistance provided to countries in difficulties
Special report No 18, 2015
When the 2008 financial crisis triggered a European sovereign debt crisis, some Member States were forced to seek macrofinancial 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.
- Corporate author(s): European Court of Auditors Themes: Economy — Finance, Community finance
- Subject: audit, balance of payments, balance of payments assistance, banking supervision, euro area, financial aid, fiscal policy, Hungary, Ireland, Latvia, monetary crisis, Portugal, report, Romania
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