E.U. books dont add up

last updated 8 January 2015

Brussels

For the 11th year in a row, the European Court of Auditors has refused to certify the E.U.’s accounts. The court, an independent agency, said that farm subsidies and other large parts of the E.U. budget weren’t properly documented, leaving too much potential for fraud. “The vast majority of the payments budget was again materially affected by errors of legality and regularity,” Court of Auditors chief Hubert Weber said. “We need to look at why mistakes happen in the first place—and do something about it.” The E.U. annual budget is about $120 billion, 44 percent of which is earmarked for agriculture.