Court of Auditors: EU spending infested with errors well above the materiality threshold of 2%

Last Thursday 13 October, the European Court of Auditors, the institution which carries out the audit of European Union finances, published its report on the implementation of the 2015 EU budget. In the chapter of revenue transactions the ECA found no errors. As expected though, the picture changed drastically when the Court audited the expenditure […]

The 28 EU leaders care more about fiscal orthodoxy than effectively fighting youth unemployment

Last week the European Court of Auditors (ECA) published a report on the “risks to the successful implementation of the EU Youth Guarantee”. The ECA review, while noting that according to the Commission the available funding for this much advertised EU project is estimated at €16.7 billion for the 2014-2020 period including national resources, it […]

The EU spent €158 billion on vague, open-ended rural projects

The European Union spent €100 billion on rural development projects (RDPs) during the seven year period 2007 – 2013 with “little interest in the results achieved”. This is the main conclusion of the European Court of Auditors (ECA) report, after its members examined a number of rural investment programmes receiving EU finance. The member states […]

Court of Auditors: EU budget money is there to be spent not to create value

The European Court of Auditors, the independent audit institution of the EU, today signed off the 2012 EU Budget, but it added a lot of asterisks and remarks over the Union’s payments for last year, singling out inappropriate, ineligible and illegal spending. A first and general comment by the ECA is that “Looking at the […]