2023-06-12 19:37:00
The context has changed with a significant rise in interest rates. 189281555/weyo – stock.adobe.com
The European Court of Auditors criticizes a lack of transparency against a background of rising interest rates.
The European Court of Auditors warns about the management of the debt which finances the Next Generation EU recovery plan. She estimates, in a report published on Monday, that “the European Commission has not clearly defined its objectives”. European auditors criticize a lack of transparency, in particular on the fixing of the prices of the bonds issued, “agreed orally between the Commission and the public securities specialists”. Brussels would thus not have “systematically documented the analyzes that formed the basis of decisions regarding the price and maturity of syndicated bonds”.
On a positive note, the Court of Auditors welcomes the efforts made by Brussels to offer “a good level of predictability” financing and the development of a system to borrow “in proper time”the necessary funds. However, it encourages the European executive to adopt, by the end of the year, a strategy“encompassing all borrowing instruments, with a clear statement of objectives…
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