The independent auditor of the European Union’s books is calling for a “wholly new approach” to the way the EU spends and invests its money. Why? Because he says the EU is too slow to respond to crises and too often misses the results target.
European Court of Auditors President Vitor Caldeira says Tuesday “the EU must invest its money better,” also complaining about too much red tape that leads to waste.
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In a statement, the ECA says major changes are required so that funds better dovetail with the long-term ambitions of the 28-nation bloc.
The ECA adds the collection of EU revenue was error-free but that errors on expenditure amounted to 4.4% in 2014 — 0.1 point lower than the previous year.