EU auditors say bloc struggles to channel funds into economy

The European Union has a chronic problem directing money into the economy, the European Court of Auditors said in its annual report, published as negotiations begin on the bloc’s next budget cycle. ERR reported the findings.

So far, only a third of the funding in the current seven-year budget has been directed into the economy.

For the next seven-year budget, the European Commission wants largely to follow the recovery fund model introduced during the coronavirus crisis. The Court of Auditors considers that model opaque and cumbersome.