Belgium, (Brussels Morning Newspaper)Â The European Union (EU) is set to adopt new financial rules aimed at improving transparency, streamlining regulations, and reducing bureaucratic burdens. The revisions were proposed by the Committee on Budgets (BUDG) and the Committee on Budgetary Control (CONT) and were adopted on Thursday, paving the way for more efficient management of the EU budget.
The regulation of the financial rules applicable to the general budget of the Union is the main point of reference for the principles and procedures governing the establishment, implementation, and control of the EU budget. The revised rules will establish a single, interoperable system that easily allows for the tracking of money, listing of beneficiaries, and the aggregation of data to spot the concentration of funds. This system will provide more transparency in real-time, allowing for better oversight of EU funds.
The revised rules will help Member States reduce bureaucracy and push the digitalisation of reporting and monitoring in the EU. The proposed changes also introduce the respect of fundamental rights as a general principle that needs to be upheld, in order to have access to European money. This means that all beneficiaries of EU funds will have to respect the fundamental rights of their employees and others affected by their activities.
In addition, the revised rules give the Parliament a greater role in deciding on borrowing and lending activities, better scrutiny of trust funds, clear rules for performance, and a more hands-on approach to the application of checks on conflicts of interest. The EU is committed to ensuring that its budget implementation effectively helps achieve the European Green Deal.
“At a time when public finances are under strain, it’s more important than ever to ensure that EU funds are used properly. It is a high time to amend the rules of Financial Regulation and to enhance the role of the Parliament, OLAF, and EPPO in order for the EU to improve its tracking and monitoring of the taxpayers’ money,” says Petri Sarvamaa, EPP Group Spokesman on Budgetary Control.
The proposed changes support the Commission’s commitment to being digital by default. The EU aims to reduce the use of paper and simplify procedures by moving towards digital solutions. The revised financial rules will help the EU achieve this objective while ensuring that its budget is used efficiently and effectively.
In conclusion, the revised financial rules proposed by the BUDG and CONT committees will help the EU tackle the current crisis and achieve key objectives. The new rules will ensure greater transparency, reduce bureaucratic burdens, and create a more efficient system for managing EU funds. The EU is committed to ensuring that its budget is used in the most effective way possible to achieve its goals and support its citizens.
