2015 Annual report: EU needs to regain the trust of its citizens
View all news
Home > Document Item
When the 2008 financial crisis triggered a Europeansovereign debt crisis, some Member States were forced toseek macrofinancial assistance. This report examines howwell the European Commission managed the assistanceprovided to five countries — Hungary, Latvia, Romania,Ireland and Portugal. We found that the Commission wasunprepared for the magnitude of the crisis, which largelyexplains the significant initial weaknesses in itsmanagement processes. A number of the weaknesses weidentified still persist, and the main message of the reportis that the Commission has to strengthen its proceduresfor the management of financial assistance.