26/01/2016
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.
Special report no 18/2015: Financial assistance provided to countries in difficulties
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