Billion of EU subsidies paid for regional development has been plagued with errors
Tuesday, 15 November 2011
Much of the money the EU has been spending on regional aid is reportedly paid in error or lost in imaginative presentations, writes Swedish newspaper Svenska Dagbladet. The biggest culprits are Spain, Italy and Czech Republic.
It is the 17th consecutive year that the EU Court of Auditors has found major errors in terms of regional aid. The aid is intended to smooth out economic disparities between rich and poor regions, and represents one third of the total EU budget - about €350 billion, writes Svenska Dagbladet.
Supports may include everything from bridge construction energy and research initiatives.
Last year, 7.7 percent of the aid money was paid improperly, according to a report by the EU Court of Auditors.
Many errors are unintentional, but the result is in losses, writes Svenska Dagbladet.
Members of the European Parliament’s Committee on Budgetary are now demanding answers from Spain, Italy and Czech Republic's finance ministers, since much of the errors have occurred in these countries.
"When two-thirds of the errors are concentrated in three countries, then it is clear that these do not do as they should, "said the Swedish EU parliamentarian Christofer Fjellner, writes Svenska Dagbladet.
By Scancomark.se Team