31st January 2014

Business and Trade Unions representatives discuss Troika

The series of parliamentary hearings on the role of the Troika continued before the Economic and Monetary Union Committee of the European Parliament on 27 January. This time, representatives of the business associations and trade unions were brought together to discuss. The Business Europe representative stated that the unpopular reforms prescribed by the EC/ECB/IMF Troika were the sole and unavoidable option in the crisis times. The European Trade Union Confederation representative, however, considers Troika´s work very poor and extremely damaging, even counterproductive, ignoring social dialogue, breaching existing agreements and lacking transparency. The business representative acknowledged certain points of criticism, for example the burden brought on the weakest on the labor market, however, as the Troika is a source of funding, its absence would lead to disastrous consequences. All agreed that more attention is to be paid to social dialogue. Further hearings by the MEPs are scheduled and the final EP´s recommendations on Troika´s role will be presented in April.

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Members of the American Chamber of Commerce in the Czech Republic