- Viviane Reding, the vice-president of the European Commission
The European Commission, European Central Bank and International Monetary Fund, also known as Troika, is no longer needed and should be abolished, EU Justice Commissioner Viviane Reding said Wednesday. She stressed out that the involvement in such an agreement of the IMF has been an emergency solution, and in the future European authorities should be able to resolve region's problems on their own. The Troika has the most power over Greece's financial future, at least as a part of the European Union. Reding also said that it is abnormal that people in countries with relatively low gross domestic product per capita, like Brazil and India, should pay for indebted Greece. Last month, German Finance Minister Wolfgang Schaeuble expressed the opposite opinion, saying that the IMF involvement is not a temporary solution, and the option of its withdrawal should be considered only in the long-term once current programme will come to an end.
The Troika has played a key role in the Eurozone's response to severe economic crisis, negotiating strict austerity and reform measures with European leaders, especially with governments from Greece, Cyprus, Portugal and Ireland, where the help was crucial. Currently the Troika constantly monitors governments' progress in implementing programmes, which will determine whether the next tranche will be paid.
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