Few areas cause as much heated discussion about the European Union as the use and misuse of funds. Basically the calls for accountability and transparency are sound, if some sort of proportions is maintained.
Article 246 of the Treaty on the establishment of the European Community (TEC) states that the Court of Auditors shall carry out the audit. Articles 247 to 248 TEC contain more detailed provisions.
This means ─ without restricting the materials to these ─ that a balanced discussion should take into account what the Court of Auditors has to say about the state of the European Union’s accounts of “all revenue and expenditure”.
Now there is a fresh opportunity to gain insight into the accounts of the European Union through the Annual Activity Report for 2008 of the European Court of Auditors, published today.
The 58 page Annual Report is a clear presentation of the financial management and the auditing activities within the European Union.