Euro bail-out funds lack oversight, auditors say

Scrutinised neither by national audit offices nor by the European Parliament, the two eurozone bail-out funds amounting to €700 billion lack democratic oversight and accountability, several auditors and MEPs said on Tuesday (24 March).

The new financial architecture of the eurozone - set up under market pressure in successive phases resulting in different funds and financing methods - is putting up unprecedented amounts of public money to contain the sovereign debt crisis.

But ac...