Our successes were much more than the failures, agreed the European Central Bank (ECB) and the European Commission (EC) during the hearing on Troika’s work in the bailout countries held on Tuesday in the European Parliament. Despite academics’ and MEPs’ strong language about the false forecasts in the beginning of the programmes, Servaas Deroose from the DG ECFIN and Klaus Masuch from the ECB presented Troika’s operations as both legitimised and useful for the countries that they visited.

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