A dyed-in-the-wool EU accounts scandal

For the eighteenth year running the European Union's auditors have refused to sign off on its accounts, with serious discrepancies in each area from sheep farming subsidies to transport and employment.

As the European Union is mobilising hundreds of billions of euros to save the continent’s currency, it would be reassuring to know that it can be trusted with money. After last week’s annual report from the European Court of Auditors, there is little reason for such optimism.

The auditors’ assessment of the EU’s accounts is less than flattering: "The court concludes that the examined supervisory and control systems are partially effective in ensuring the legality and regularity of payments underlying the accounts.”

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