Public Accounts Committee

Memorandum on Financial Management in the EU inquiry

Inquiry status: Concluded

Report published 27 April 2016. Government response published 7 November 2016.

Report published

The Public Accounts Committee visited the European Commission in January 2015 and met with the European Commissioner for Budget and Human Resources in the college of the Juncker Commission to discuss the European Court of Auditor’s report on the EU’s accounts.  The Committee has decided to hold an inquiry into the key findings of the European Court of Auditor's Annual Report 2014, informed by a National Audit Office memorandum on financial management in the EU.

What is the European Court of Auditors?

Every year the European Court of Auditors (ECA) audits the revenue and expenditure of the EU budget and provides its opinion on the extent to which the annual accounts are reliable and income and spending transactions comply with the applicable rules and regulations. EU budgetary spending totalled €142.5 billion in 2014, or around €300 for every citizen. This spending amounts to around one per cent of EU gross national income and represents approximately two per cent of total public spending of EU Member States. The EU budget is agreed annually—within the context of seven year financial frameworks—by the European Parliament and the Council.

Ensuring that the budget is properly spent is primarily the responsibility of the European Commission, along with the other EU institutions and bodies. For around 80% of the spending (principally agriculture and cohesion) this responsibility is shared with the EU’s Member States.

Publications

Read all transcripts, written evidence and other material related to the Memorandum on Financial Management in the EU inquiry.

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