The acute crises were tamed, and with time, economic healing processes began. However, the losses in economic well-being suffered by so many euro area citizens were grave, and the healing process was in some cases painfully slow. In Greece, it is still ongoing. *** But let me go back to the role of fiscal statistics.
Still in 2009, Eurostat, or the European Statistical Agency in Luxembourg, had no authority to audit accounts in the member states. The Commission had actually proposed this in 2005, but the proposal was rejected by the member states in the Council. Hence, the operation of the EMU with respect to the monitoring of public finances was based on trust, not control.