On Wednesday 15 September, the European Court of Auditors (ECA) will publish a special report on post-programme surveillance for Member States that received financial assistance after 2008 crisis.
ABOUT THE TOPIC
Over the 2010-2013 period, Ireland, Portugal, Spain, Cyprus and Greece received a total of €468.2 billion in financial assistance via various mechanisms. EU laws stipulate that Member States exiting a macroeconomic adjustment programme are subject to extra surveillance. Currently, Cyprus, Ireland, Portugal, and Spain are subject to post-programme surveillance (PPS). Greece is subject to enhanced surveillance, because it is considered particularly vulnerable to financial difficulties that are likely to have adverse spillover effects on other Member States in the euro area.
ABOUT THE AUDIT
The auditors have examined the design, implementation and effectiveness of post-programme surveillance for the five Member States (Ireland, Portugal, Spain, Cyprus and Greece) that received financial support after the 2008 financial crisis. Their conclusions could contribute to the ongoing review of economic governance arrangements in the Economic and Monetary Union. The audit report complements previous audit work on financial assistance to Member States and EU economic governance (the Six-Pack, the Two-Pack and the European Semester); it could also feed into discussions on the design of a possible surveillance mechanism for the repayment of the loans to be provided under the Recovery and Resilience Facility.
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The report and press release will be published on the ECA website eca.europa.eu at 5.00 p.m. CET on Wednesday 15 September.
The ECA member responsible for this report is Alex Brenninkmeijer.
The ECA’s special reports set out the results of its audits of EU policies and programmes or management topics related to specific budgetary areas. The ECA selects and designs these audit tasks to be of maximum impact by considering the risks to performance or compliance, the level of income or spending involved, forthcoming developments and political and public interest.