Human rights in times of austerity policy

As members of the Troika, the European Commission and the European Central Bank are bound by EU primary law, which includes the Charter of Fundamental Rights. The Memoranda of Understanding concluded by the Troika therefore have to be in conformity with the European system of competences and human rights. The Memoranda of Understanding impact on fundamental rights, such as the human right to housing and social security, the human right to health and rights steaming from the European labor constitution. Specific examples are interference in medical care (higher charges on prescription drugs) and in the wage bargaining systems of individual states, thus eroding tariff autonomy. This raises fundamental questions of human rights conformity. Moreover, because the European Parliament is not involved, it is questionable whether the measures observe the principle of democracy and the EU’s system of competence.