Analytics, EU – Baltic States, Financial Services, Legislation

In a study of bailouts given to Hungary, Latvia, Romania, Ireland and Portugal, the European Commission was found to have a series of problems including countries being held to varying standards.

"The European Commission was not prepared for the first requests for financial assistance during the 2008 financial crisis because warning signs had passed unnoticed," the European Court of Auditors said in a statement accompanying the report.

In their findings, the auditors acknowledged that the bailouts managed by the Commission, the executive of the 28-nation European Union, had brought about reforms and had some success.

"But they also identify several areas of concern relating to the Commission's 'generally weak' handling of the crisis: countries treated differently, limited quality control, weak monitoring of implementation and shortcomings in documentation," it said.

The European Commission said it "takes note" of the findings but insisted that it had improved. "Most of the shortcomings ... have been fixed," Commission spokeswoman Annika Breidthardt told a news briefing.

"Some of these countries now have some of the highest growth rates in Europe."

The EU's handling of debt-wracked Greece, which has received three distinct bailouts, is to be handled in separate audit.