Reuters: Troika of IMF, ECB and EU Commission remains essential - Rehn

18 July 2013

Europe needs the combined expertise of the IMF, the ECB and the European Commission in handling the eurozone debt crisis, the EU's economics chief said, dismissing suggestions the 'troika' should be disbanded.

"The troika was set up on the initiative of the euro area Member States in 2010 as a key element of our response to the crisis facing Greece", Economic and Monetary Affairs Commissioner Olli Rehn said in comments emailed to Reuters. "None of these situations are easy", he said, referring to the programmes in Greece, Portugal, Ireland and Cyprus that the troika is now overseeing. "But that makes it all the more important that we can draw on the combined and complementary expertise of three institutions."

"We should certainly explore ways to optimise the governance of the euro area, including its crisis management mechanisms", he said, adding: "That will be the right time and context to discuss whether and in what form to maintain the troika model".

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