LONDON, Sept 7 (IFR) - The board of the European Stability
Mechanism has appointed former Austrian central bank
vice-governor Gertrude Tumpel-Gugerell to assess the financial
assistance programmes to Greece, Portugal, Ireland and Cyprus by
the ESM and its predecessor, the European Financial Stability
Earlier this year the independent evaluation office of the
International Monetary Fund produced a report on that body's
involvement in the initial rescue programme for Greece, the
largest and most controversial of these interventions.
So far the IMF's European counterparts in these aid packages
have yet to have their roles assessed independently.
The appointment was made by Jeroen Dijsselbloem, Dutch
finance minister and head of the eurogroup of finance ministers
and de facto chairman of the ESM board, in conjunction with
Klaus Regling, managing director of the ESM.
Dijsselbloem insisted Tumpel-Gugerell had the right
credentials to ensure a properly independent assessment. He said
she would "examine carefully the relevance, effectiveness, and
efficiency of financial assistance programmes in supporting
financial stability of the euro area and its member states
throughout the crisis with the aim of improving the operation of
the ESM in the future".
Regling said Tumpel-Gugerell's appointment would "ensure the
independence, credibility, and impartiality of the evaluation
A report will be prepared and submitted to the ESM board
before its annual meeting next June, suggesting improvements to
the crisis management strategy in the euro area and programmes.
Tumpel-Gugerell was on the ECB executive board from 2003 to
2011. She was responsible for market operations, payment systems
and market infrastructure as well as human resources, the
budget, and organisation.
(Reporting by Christopher Spink)