|Author (Corporate)||Council of the European Union, European Parliament|
|Series Title||Official Journal of the European Union|
|Series Details||L193, 30.7.2018|
The European Commission presented on 14 September 2016 a proposal for a Regulation on the financial rules applicable to the general budget of the Union, amending Regulations (EU) Nos 1296/2013, 1301/2013, 1303/2013, 1304/2013, 1305/2013, 1306/2013, 1307/2013, 1308/2013, 1309/2013, 1316/2013, 223/2014, 283/2014, 652/2014 and Decision No 541/2014/EU and repealing Regulation (EU, Euratom) No 966/2012.
The European Parliament and the Council of the European Union adopted the new Regulation on 18 July 2018.
Regulation (EU, Euratom) No 966/2012 (the Financial Regulation) sets out the principles and procedures governing the establishment and implementation of the EU budget and the control of the EU funds. Over the last 30 years, the number of general financial rules contained in the Financial Regulation has increased sharply. In addition, a number of sectoral financial rules have emerged.
Users of EU funds have repeatedly complained about the proliferation of rules both at general and at sectoral level, their heterogeneity and their complexity due to the fact that they follow the architecture of the programme and multiple layers of controls. In addition, the complexity of the financial set of rules has slowed down implementation of the EU funds, making it costly and prone to errors.
The legislative proposal forms an integral part of the mid-term review/revision of the multiannual financial framework (MFF) 2014-2020. It contributes to two of its main objectives: simplification and flexibility. The Commission proposes in a single act an ambitious revision of the general financial rules accompanied by corresponding changes to the sectoral financial rules set out in 15 legislative acts concerning multiannual programmes.
The inclusion of sectoral changes in the same legislative proposal aims at ensuring a coherent negotiation process as well as at facilitating a speedy adoption by the legislator. In simplifying and making EU financial rules more flexible, the proposal paves the way for the preparation of the next generation of spending programmes (post-2020).
|Subject Categories||Economic and Financial Affairs|
|Countries / Regions||Europe|