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The European troika is the designation of the triumvirate representing the European Union in its foreign relations, in particular concerning its common foreign and security policy (CFSP).
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Currently, while talking about the troika (especially in the media) one refers to a decision group formed by the European Commission (EC), the European Central Bank (ECB) and the International Monetary Fund (IMF).
Common Foreign and Security Policy
This term was used in the European Union when referring to a group composed of the Foreign Affairs Minister of the Member State holding the Presidency of the Council of Ministers, the Secretary-General of the Council of the European Union, who also held the post of High Representative of the Common Foreign and Security Policy (CFSP), and the European Commissioner for External Relations. The "Troïka" represented the European Union in external relations that fall within the scope of the common foreign and security policy (CFSP).
With the 2009 ratification of the Lisbon Treaty, the post of Secretary-General of the Council was separated from the post of High Representative of the CFSP, which then assumed the responsibilities of the European Commissioner for External Relations. Since only two of the original posts making up the troika still exist, it is unclear what the future of the troika arrangement in the EU is.
Financial crisis bailout creditors
The term troika has been widely used in Greece and Cyprus (Greek: τρόικα), Ireland, Portugal and Spain to refer to the presence of the European Commission, European Central Bank, and International Monetary Fund in these countries since 2010 and the financial measures that these institutions have taken. Slovenia barely avoided the intervention by the troika in 2013, thanks to the loan of EUR 1.5 billion acquired at the PIMCO.