Insufficient checks and safeguards on how EU member countries spend a massive aid program designed to help them bounce back from the crisis caused by the COVID-19 pandemic are creating possibilities for fraud and mismanagement, the bloc's financial watchdog warned on Wednesday.
The European Court of Auditors warned of an "accountability gap in protecting the European Union's financial interests" as the 27 member states use 724 billion euros to reinvigorate their economies, which took the biggest hit since World War II during the coronavirus crisis.
"There is a gap in terms of the assurance the Commission can provide for the EU's main pandemic recovery fund and a lack of accountability at EU level," Murphy said. "This represents a serious risk to EU financial interests." The massive fund to confront the EU's biggest recession in its history is partly based on common borrowing and is to be used as loans and grants primarily by the countries hit hardest by the crisis. EU member states taking up loans together, sharing debt and spending it in a spirit of solidarity was long unthinkable within the EU.
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