Süddeutsche Zeitung: Troika’s days are numbered

The Munich newspaper Süddeutsche Zeitung announces the abolition of the institution of a troika, referring to the report of the committee of the European Parliament under Othmar Karas.

According to the article "the days of the controversial troika are numbered" as the European Parliament is looking to change the way audits are performed in a country under a memorandum.

The article hosts statements of Karas, who reveals that there are thoughts about three alternatives in relation to a successor model of the troika.

"The work of the troika in the future will be undertaken either by the IMF on its own, or the European Commission - also on its own - or the ESM will become something like a European Monetary Fund," he said.

The article reveals that there is a report of the Finance Committee of the European Parliament, a draft of which is available to the newspaper and will be adopted tomorrow. The report includes ways on how financial controls could become more democratic and transparent.

The relevant decision on troika’s successor model will be taken later in the autumn, according to the German newspaper, when the ECB will start supervising the Eurozone banks. The final decision lies in the jurisdiction of the countries of the euro, as the European Parliament can only make recommendations.

Source: Deutsche Welle