The European Court of Auditors (ECA) is the financial watchdog of the European Union. Its main role is to check how EU money is spent, ensuring that the EU budget is managed properly and that funds are used efficiently, legally, and for their intended purposes.
Founded in 1977 and based in Luxembourg, the ECA is made up of one member from each EU country, appointed for a renewable six-year term. Although it is called a “court,” it does not have judicial power—instead, it monitors and evaluates how EU funds are used.
- Audits the EU’s income and spending, including funds managed by EU countries and organizations.
- Reports on financial performance, highlighting waste, errors, or fraud.
- Publishes annual and special reports to inform the European Parliament, the Council, and citizens.
- Supports accountability by helping EU institutions and member states improve financial management.
The ECA’s findings are essential for the European Parliament, especially when deciding whether to approve how the European Commission has executed the EU budget.
In summary, the European Court of Auditors plays a vital role in making sure EU taxpayers’ money is well spent and in building trust and transparency in the EU’s financial system.