The European Court of Auditors welcome the proposed recast of the EU's Financial Regulation
In response to the proposal that the European Commission published on may 16th 2022 aiming to recast the Regulation of the financial rules applicable to the EU Budget, the European Court of Auditors (ECA), the guardians of EU finances, expressed its opinion welcoming most of the changes that were proposed.
The main purpose of the recast was to improve a better alignment between the Regulation and the Multiannual Financial Framework (MFF) package, the seven-year framework (2021-2027) which regulates year by year the financial budget of the European Institutions, including the NextGeneration EU (NGEU), the plan that helps Member States recover from the pandemic, supporting modernization through financing research, creating new jobs and stimulating the digitalisation of Europe.
Since the Covid-19 pandemic, EU institutions and the European Commission, in particular, felt the need to enhance the flexibility in procurement procedures in times of crisis. The Commission already amend