Nessa Childers, Member of the European Parliament from Ireland, called for Economic and Monetary Affairs Commissioner Olli Rehn to resign over the Cypriot bailout fiasco. For this reason, Childers wrote a letter to European Commission President Jose Barroso.
In her letter dated March 19th, 2013, Childers writes:
“Today I have written to European Commission President Barroso requesting that he ask for the resignation of Commissioner Rehn over the Cypriot bailout fiasco.”
The Troika deal, which Commissioner Rehn was centrally responsible for, to impose losses on small Cypriot depositors with less than EUR100,000 was a terrible mistake and that such harsh measures are simply unfair, undemocratic and could lead to a bank run in other parts of Europe.
“Of course the conservative Cyprus government, the ECB, the IMF and all the Finance Ministers involved share the blame, but this latest blunder by Commissioner Rehn comes after years of a failed austerity policy precided over by him. “There is an ideology underpinning the Troika’s approach to Cyprus and other programme countries, that lacks any sense of social responsibility for those most in need of protection. It shows how the EU crisis-management system badly needs reform.
“The Cypriot banking sector was greatly oversized and rich depositors can be rightly asked to make a contribution but the decision to impose losses on small depositors and family savers has crossed an extremely important red line in the crisis. This decision must be reversed immediately.
“The Cyprus bailout again strengthens the case for more accountability and transparency around Troika decisions. The European Parliament should have a veto over the appointment of Troika chiefs, with regular report-backs to the relevant parliament committee and the right to audit Troika actions. Parliament should ensure that Troikas respects core EU principles, including social justice and social cohesion.” (Nessa Childers website)
Nessa Childers is an Irish Labour Party politician and Member of the European Parliament (MEP) for the Ireland East constituency. A member of the European Parliament’s Committee on the Environment, Public Health and Food Safety, Nessa is also member the delegation for relations with Japan and substitute member of the Committee on Culture and Education.
She is member of the Progressive Alliance of Socialists & Democrats in the European Parliament.
PS Finally, we hear some voices from the EP.
With this sentence, Nessa Childers puts her finger on the core problems in the EU. The Troika members are once again appointed, not elected. Can obviously not be removed by the EP if they don’t adhere to the core principles of the EU (which they don’t), and they don’t answer to the EP regarding their policies, programs or methods.
So the big questions now is WHO do they asnwer to? Could it be…banks?
The second big question is of course why is the EP such an impotent organization that they don’t even have the power to call people claiming to represent the EU (which is the job of the EP) to account?
thanks for the story
You’re welcome. Much bigger stories in the making in Brussels. Stay tuned! Martin Schultz….
nessa childers graduated from trinity college in dublin before taking the political route she practiced as a psychoanalist perhaps she might take up her former profession and let us know what the hell is going on over there??
she could start with olli
Congratulations to Ms Childers,we rarely hear from Europe EP,I assume she is a relation of Erskine Childers who was a man of great honesty and principles at a time when Ireland still had honest politicians
she’s his daughter. And indeed, well done to her.
Sadly enough the EP she is a member off is simply an impotent talking shop with absolutely no power to do anything about anything. It is the all powerful, APPOINTED commission who call the shots, not the ELECTED parliament. They are for cosmetic purposes only…