Auditor called for new approach in EU spending, investment

Staff Writer
Columbus CEO

BRUSSELS (AP) — The independent auditor of the European Union's books is calling for a "wholly new approach" to the way the EU spends and invests its money because it is too slow to respond to crises and too often misses the results target.

European Court of Auditors President Vitor Caldeira said Tuesday "the EU must invest its money better," also complaining about too much red tape that leads to waste.

In a statement, the ECA said that major changes are required so that funds better dovetail with the long-term ambitions of the 28-nation bloc.

The ECA said the collection of EU revenue was error-free but that errors on expenditure amounted to 4.4 percent in 2014 — 0.1 point lower than the previous year.