Aspects of the program that will be specifically looked into are that of lacking political oversight over the reforms. “The way the emissaries of the donors impose reform and austerity measures is unclear so far. It can't happen that all decisions are taken by civil servants only”, said Othmar Karas, VP of the European Parliament who will be heading the inquiry along with his social-democract colleague Liem Hoang Ngoc .”If the European Parliament had been more involved in the decisions, the minimum salary in Greece would probably not have been decreased”, he added.
Mr. Karas pointed out that “This is going to be an evaluation, not a condemnation” stressing that the inquiry into the ongoing bailout programs of Greece, Cyprus, Portugal and Ireland will focus on increasing transparency, democratic legitimacy and Parliamentary scrutiny”.
One puzzling and controversial aspect of Mr Karas's statement was regarding the timeframe of the Troika's presence: “The problem with the Troika is that it is basically an interim solution, because it is an instrument of collaboration between donor countries outside EU structures. The Troika needs to become a community instrument which is accountable to the European Parliament”, he said. it is not immediately clear if he is proposing the transformation of the Troika as a mechanism within the EU institution.
The findings of the enquiry that will be carried out by the Committee on Economic and Monetary Affairs are expected before the EU Parliament elections, in May 2014.