Maltese Member of the European Court of Auditors meets SEM and MCESD Heads
Mr Leo Brincat, Maltese member of the European Court of Auditors (ECA), met SEM CEO, Mandy Falzon, MCESD Chairperson, James Pearsall and Minister in the Office of the Prime Minister, Carmelo Abela to discuss the ECA’s responsibilities and its efforts in acting as guardians of transparency and accountability of the EU finances.
Mr Brincat said that in the wake of the COVID-19 pandemic, the ECA increased the vigilance on the EU’s finances and their expenditure, due to the increase in awareness for greater accountability and the proper spending of EU finances. He also referred to the ECA’s efforts in reaching out to its stakeholders, which are not only the EU institutions but also European citizens.
Another topic that was addressed was the EU funds for recovery – the Recovery and Resilience Facility (RRF), which is a temporary recovery instrument that supports reforms and investments undertaken by Member States to repair the immediate economic and social damage brought about by the coronavirus pandemic, but also to ensure a sustainable and inclusive recovery that promotes the green and digital transitions.
Mr Brincat referred to the possible shortcomings and potential risks tied to the methodology of disbursement of the recovery funds, in that such funds are tied to specific allocations to specific priorities, reforms and sectoral investments. While the RRF is a breakthrough for the EU when compared to the way the EU had addressed the financial crisis, it might have greater risks for Member States to achieve the intended milestones and targets. The RRF is also a bigger challenge for the Member States in terms of timelines, given that the related national projects have to be implemented by 2026.
Consequently, the RRF is also a challenge for institutions like the ECA to have all the resources necessary to be vigilant on the spending of EU finances.