As the so-called Troika is set to return to Greece on Wednesday for a bailout review, MEPs criticised on Tuesday the accountability of its inspectors and lack of 'democratic legitimacy'.
In a public hearing at the European Parliament in Brussels, EU lawmakers also accused the Troika of making mistakes in the economic forecasts behind the bailout programmes for countries like Greece or Ireland.
'The solutions we have to develop have to reflect the existing problems of the Troika, which had existed right from the beginning. It was an emergency situation so it is an emergency structure. Therefore, the structure is intergovernmental and not a common one. Therefore, the democratic legitimacy is missing in the common framework, also as the democratic control', said Austrian EPP MEP Othmar Karas, who leads the Parliamentarian delegation to evaluate the Troika.
Facing down questions over how successful their work has been, officials from both the European Commission and the ECB said that the Troika model had "proved useful" in dealing with crisis-hit countries.
They admitted, however, that some mistakes were made in their economic predictions.
'The Troika model has proved useful for dealing with the challenges facing Euro-area member states. And the three institutions have stated their intendancy to continue their involvement in the Troika work for the future.
The Commission is aware of the own initiative of the European Parliament to study the functioning of the Troika with a view to enhancing its legitimacy', said European Commission's DG ECFIN Deputy Director-General Servaas Deroose.
The Troika comprises non-elected officials from the Commission, the IMF and the ECB and they are responsible for designing the conditions imposed on eurozone countries that receive international aid.
A general strike is being organised in Greece on Wednesday to protest austerity measures imposed by troika.
