Press Release: Improved monitoring and reporting on financial instruments related to EU cohesion policy

The European Commission has welcomed the approval by the EU Member States to improve the monitoring and reporting on financial instruments available under cohesion policy like guarantee schemes to finance the start up of new small companies.

This will mean that Member States will have to report once a year on progress made in financing and implementing these instruments. Such reporting will allow the Commission to better assess the overall performance of financial instruments across Member States. Together with additional information to be presented with each statement of expenditure, the Commission will be able to produce accurate and comprehensive accounts, which give a true image of the Union's assets and of the actual budgetary implementation.