EU auditors insist on full probe into ECB’s role in Greek bailouts

By Sarantis Michalopoulos | EURACTIV.com

22-11-2017

The European Court of Auditors (ECA) insists it had the right to look into the role of the European Central Bank in Greek bailouts, based on the Lisbon Treaty and a European Parliament resolution, and is now seeking ways to access the documents the ECB has refused to hand over.

“There is simultaneously a political and legal issue,” sources commented.
[Shutterstock]

ECA told EURACTIV.com that EU auditors were mandated to audit the operational efficiency of the management of the ECB, in line with the Treaty on the Functioning of the European Union and the Statute of the European System of Central Banks (ESCB) and the ECB.

“We are currently examining further options for access to documents necessary to carry out our audit work,” the auditors said.

On 16 November, ECA published a report assessing the effectiveness and results of the Greek bailouts. But the ECB refused to provide access to some requested information, citing banking confidentiality. The auditors were therefore unable to report on the ECB’s role in the Greek programmes.

In their report, EU auditors said that the ECB had questioned the Court’s mandate in this respect and the documentation provided by the Bank was insufficient.

 

(...)