2014年-ECB欧洲央行_ECB_response_to_the_questionnaire_of_the_European_Parliament_on_the_troika_10页_158kb

ECB Summary on Financial Assistance Programmes in EL, IE, PT and CY

Core Content

The European Central Bank (ECB) has played a key role in the financial assistance programmes for Greece (EL), Ireland (IE), Portugal (PT) and Cyprus (CY) as part of the "troika" consisting of the European Commission (EC), the ECB and the International Monetary Fund (IMF). The ECB's involvement is primarily advisory and based on its mandate to maintain price stability and ensure the proper functioning of monetary policy transmission mechanisms.

Main Points

1. Decision-Making Process

• Greece: On 11 April 2010, the euro area Member States decided to involve the ECB in the financial assistance programme for Greece, following the Ecofin Council's February recommendations. The ECB's Executive Board had already expressed its acceptance.
• Ireland: The ECB was involved in the financial assistance process in line with the EFSM Regulation, which was adopted on 11 May 2010.
• Portugal: The ECB's role was similarly defined by the legal frameworks in place, including the EFSM Regulation and the ESM Treaty.
• Cyprus: The ECB's involvement in Cyprus is also governed by the EFSM Regulation, EFSF Agreement and ESM Treaty, depending on the programme's legal basis.

2. Role and Function of the ECB

• The ECB provides advice and expertise on issues related to monetary policy transmission, debt sustainability, financial stability and general economic policies.
• It collaborates closely with the Commission in the negotiation and design of financial assistance programmes, particularly in defining economic policy conditions.
• The ECB reviews these conditions on a quarterly basis and contributes to the decision-making process of the Eurogroup and supporting Member States.
• The ECB does not have decision-making authority but provides input based on economic analysis and expert judgment.

3. Forecasting Debt Sustainability

• The ECB's input is based on continuous macroeconomic analysis, incorporating new data and broader economic developments.
• Fiscal multipliers are not reduced to single numbers but are assessed in a nuanced manner.
• The MoUs and staff reports from the Commission and IMF detail the assumptions and methodology used in forecasting and designing fiscal measures.

4. Information Availability

• In some cases, the initial information provided by Member States was incomplete or misleading.
• The ECB used the available data to provide its input, and subsequent revisions improved the quality of the information set.

5. Leeway for National Measures

• The design of consolidation and structural reforms is the responsibility of the respective Member States, with the ECB providing advice.
• The ECB does not dictate the specific measures but supports the process of defining them based on the MoUs and the legal frameworks in place.

6. Preconditions for MoU Approval

• Member States are responsible for the commitments in the MoU, including specific measures.
• The ECB does not impose preconditions but ensures that the advice provided is aligned with its monetary policy objectives.

7. Eurogroup Involvement

• The Eurogroup is involved in the detailed design of the programmes, particularly in the political decision-making process.
• The ECB provides regular reports to the Eurogroup/Ecofin Council, typically on a quarterly basis, regarding the progress and compliance with economic policy conditions.

8. ESM's Role

• The ESM is involved in the negotiation and set-up of financial assistance programmes through its Board of Governors.
• The ECB, in liaison with the Commission, negotiates the MoU on behalf of the ESM, and the ESM is legally responsible for the decisions made.

9. Implementation and Effectiveness

• Programme countries have made substantial progress in reducing fiscal imbalances and addressing structural issues.
• However, delays in implementation, insufficient national ownership and resistance have occasionally affected the effectiveness of the programmes.
• Regular reviews have helped bring the programmes back on track.

10. Democratic Accountability

• The ECB is not accountable to national parliaments.
• ECB staff has met with national parliament representatives on an ad hoc basis to share views on economic developments.
• The ECB Executive Board has been willing to explain its advice to the European Parliament.

11. Legal Compliance and EU Rights

• The responsibility for ensuring legal compliance with EU law rests with the Member States.
• The Commission may initiate infringement procedures if a Member State fails to comply with EU law.
• The ECB does not assess compliance with EU fundamental rights obligations directly.

12. Programme Outcomes

• The programme countries have made significant progress in fiscal consolidation and competitiveness.
• Greece, Ireland and Portugal have improved their primary fiscal balances and unit labour costs relative to the euro area average.
• Economic growth has turned positive in Portugal and Ireland, and Greece is expected to follow.
• Challenges remain, particularly in the areas of market reforms, tax evasion, corruption and financial sector stability.

Key Information

• The ECB's role in the financial assistance programmes is advisory and based on its monetary policy mandate.
• The troika works closely with national authorities, and the ECB provides regular reports to the Eurogroup and supporting Member States.
• The ECB does not have decision-making power but supports the implementation of financial assistance based on the legal frameworks in place.
• The ECB's input is based on continuous economic analysis and expert judgment.
• The final decision on measures lies with the respective Member States, acting in accordance with their constitutional requirements.

Conclusion

The ECB has played a supportive and advisory role in the financial assistance programmes for EL, IE, PT and CY, working closely with the Commission and IMF. Its involvement is guided by the legal frameworks and aims to ensure the sustainability of public finances, financial stability and sound economic policies. Despite some challenges in implementation and information availability, the ECB has contributed positively to the adjustment processes, and the programmes have yielded significant progress in several countries.