For the upcoming revision of the EU’s Financial Regulation, MEPs want a stronger role in the budgetary scrutiny, respect for the rule of law, and more transparency. In a resolution adopted on Monday 25th of October, Members of the Budgets and Budgetary Control committees say they believe that the planned revision of the EU’s Financial Regulation (FR) should “seek to modernize the rules applicable to the EU budget in line with its latest evolutions and in line with the budgetary principles and the respect of EU values and to increase parliamentary oversight, democratic accountability, transparency, civic engagement and the ability to respond to citizens’ needs quickly and effectively, particularly in crises.”

The Financial Regulation (FR) is the main point of reference for the principles and procedures governing the establishment, implementation, and control of the EU budget. The Commission announced in March 2021 a revision of the FR to align it with the legal acts adopted in the context of the 2021-2027 Multiannual Financial Framework (MFF) package.

The Parliament is insisting on democratic accountability for a modern budget: The “NextGenerationEU” (NGEU) recovery plan has greatly increased the EU budget. However, the bulk of these additional funds enter the EU budget under provisions that exclude Parliament from the decision-making process. MEPs underline that, while crisis management requires swift actions, this “may never be an excuse to bypass Parliament, undermining democratic accountability”.

For more information, please visit the European Parliament’s website.

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