ECA and EU Member State Audit Institutions: GEMU and enhanced economic governance need strong audit

12 June 2013

Addressing President Van Rompuy, the heads of the European Court of Auditors and EU Member State Audit Institutions have called on the upcoming European Council to enact legislative measures that strengthen audit and accountability within EU economic governance.

The Heads of Supreme Audit Institutions of the EU Member States and the European Court of Auditors (the Contact Committee) have been closely following developments connected with the Economic and Monetary Union (EMU) and EU economic governance, with particular attention given to the associated audit and accountability arrangements.

During a recent meeting in Luxembourg, the Contact Committee acknowledged the previous efforts of the European Council in developing measures and tools to bring stability, coordination and good governance to the management of public funds and welcomed the importance assigned to the principles of democratic legitimacy and accountability in the roadmap for the achievement of a genuine EMU.

The Contact Committee called for policy and legislative measures that strengthen audit and accountability when completing the Economic and Monetary Union, the banking union, and the strengthened coordination of EU economic policy. In particular, the auditors emphasised the need to:

• build a coherent accountability and audit framework;
• recognise the importance of public external audit in EU legislation;
• strengthen audit arrangements in respect of the banking union;
• give careful attention to the role of public audit in the area of fiscal discipline; and
• ensure audit coherence in financial stabilisation instruments.

The Contact Committee considered that the upcoming meeting of the European Council will be an important opportunity to take these principles into consideration and strengthen the role of external public audit when public finances are at stake.

Press release

Statement

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