CNA
The European Court of Auditors (ECA) will publish a special report on September 15th, assessing post programme surveillance for Member States that received financial assistance after the 2008 crisis.
The report covers post-programme surveillance for Cyprus, Greece, Ireland, Portugal and Spain, which together received a total of 468.2 billion euros in financial assistance via various mechanism from 2010 to 2013.
The results of the audit could also feed into discussions on the design of a possible surveillance mechanism for the repayment of the loans to be provided under the Recovery and Resilience Facility, the ECA notes in a press release.
In its press release, the ECA explains that its auditors have examined the design, implementation and effectiveness of post-programme surveillance for the five aforementioned countries, and notes that the conclusions of this audit could contribute in the ongoing review of economic governance arrangements in the Economic and Monetary Union.
The report, which will be released on the ECA’s website (eca.europa.eu) at 5 p.m. on September 15th, also complements audit work that was done on financial assistance to Member States and EU economic governance.
Additional post-programme surveillance on Member States exiting a macroeconomic adjustment programme is required through EU law, the ECA explains in its press release.
Currently, Cyprus, Ireland, Portugal, and Spain are subject to post-programme surveillance, while Greece is subject to enhanced surveillance, because it is considered particularly vulnerable to financial difficulties that are likely to have adverse spillover effects on other Member States in the euro area.
