European Commission’s Handling Of Financial Crisis Was “Generally Weak”, Say EU Auditors

The European Commission was not prepared for the first requests for financial assistance during the 2008financial crisis because warning signs had passed unnoticed, according to a new report from the EuropeanCourt of Auditors. The auditors found that the Commission did succeed in managing assistance programmes which brought about reform, despite its lack of experience, and they point to a number of positive outcomes. But they also identify several areas of concern relating to the Commission’s “generally weak” handling of the crisis: countries treated differently, limited quality control, weak monitoring of implementation andshortcomings in documentation.

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