The president of the European Parliament, Martin Schulz, when speaking to the Italian newspaper La Republica about the tough austerity measures, said that “apologizing is not enough, someone has to take certain responsibilities.”
Schulz explained, that at the time, austerity programs had been presented as the only solution, but now the IMF claims that the impact of the austerity measures were miscalculated, which led to decrease of growth.
He reported that “the IMF found that the internal structure of the Troika was inefficient in solving problems and caused more problems than it solved. Not only is economic growth limiting, but also Europe, is not able to regain the trust of the markets.”
“You can’t ask for a crazy haircut and then accuse the scissors for the damage.” he added.
Schulz revealed that the European Parliament’s Committee on Economic and Monetary Affairs has initiated an investigation on Troika and the programs imposed in Greece, Ireland, Cyprus and Portugal.
However, he was rather hopeful saying that despite the wrong choices, the European countries are heading in the right direction. Schulz also said that Greece is expected to return to Growth in 2014.