Proposal for a Regulation on the financial rules applicable to the general budget of the Union (recast)

Summary:

Legislative initiative tabled by the European Commission on 16 May 2022, aimed at revising the so-called Financial Regulation.

Further information:

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.

• Primary Source

Official

European Commission: Press Release, 16/05/2022: Commission proposes to further reinforce key rules for EU budget management https://ec.europa.eu/commission/presscorner/detail/en/ip_22_3023

European Commission: Questions and Answers: Targeted adjustments to the Financial Regulation (16 May 2022) https://ec.europa.eu/commission/presscorner/detail/en/qanda_22_3030

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