Financial regulation applicable to the general budget of the Union
This publication contains the new Financial Regulation applicable to the general budget of the European Union and a selection of the most relevant basic legal texts on the management of EU funds. The Financial Regulation was adopted in July 2018 after a legislative procedure initiated by the Commission in 2016 following a public consultation. It entails a significant reform aimed at establishing simpler, more transparent and more flexible rules for EU funds. It also strengthens the fight against fraud and ensures that EU funds are not misused by shell companies or intermediaries established in... tax havens. The Financial Regulation presented in this publication has addressed the main concerns expressed in the public consultation and has brought about important changes, including: a single rulebook for all financing mechanisms, with the number of financial rules reduced by half; simpler access to EU funding, with less bureaucratic procedures for funding applications and managing projects; a focus on results and EU added value; better leverage through innovative instruments and flexibility for EU funding, making it easier to combine funds from different EU programmes; better protection of EU funds, with more targeted controls and audits as well as increased transparency. The main body of the publication follows the structure of the Financial Regulation. The annexes provide a set of basic legal texts relevant to the EU budget. Published alongside the traditional paper version, the e-version will not only enable enhanced search possibilities, but also keep track of future updates to the EU financial rules within a shorter time frame. The web version for tablet and mobile apps offers practitioners continuous access to this indispensable reference source.