|European Commission: DG Budget
|COM (2022) 223
Legislative initiative tabled by the European Commission on 16 May 2022, aimed at revising the so-called Financial Regulation.
Regulation (EU, Euratom) 2018/1046 - also known as the Financial Regulation - lays down the principles and general financial rules for establishing and implementing the budget of the European Union (EU) and controlling EU finances. It was the result of a major revision, incorporating the previous Rules of Application into a single rulebook.
Time is required to harness the full potential of the single rulebook for the implementation of the Multiannual Financial Framework (MFF) 2021-2027, its programmes and instruments. The main reason for the targeted amendments introduced by the draft law is to align the Financial Regulation with the MFF package, to maintain a single rulebook governing the expenditure of the EU, meaning that all general financial rules are included in the Financial Regulation. The proposal also includes targeted improvements and simplifications. These built on lessons learned from the COVID-19 pandemic and focus on crisis management.
The draft law was adopted by the European Commission on 16 May 2022.
|Economic and Financial Affairs
|European Union [EU]