European Union

Better monitoring of European Investment Bank's spending

An agreement for more access to EIB data. (File photo: Matic Zorman/Maison Moderne)

An agreement for more access to EIB data. (File photo: Matic Zorman/Maison Moderne)

A tripartite agreement signed between the European Investment Bank (EIB), the European Commission and the European Court of Auditors gives the latter better access to EIB data on its management of EU funds.

The details on how the European Investment Bank, based in Kirchberg in Luxembourg city, manages its spending should become more visible to the European Court of Auditors. The two have signed a tripartite agreement with the European Commission which aims to broaden the scope of the court's auditors.

This concerns documents and data relating to activities carried out under the mandate of the Commission for the purpose of audits of EU expenditure managed by the EIB. In addition to giving the Court of Auditors greater access to the data, the agreement clarifies the timing of the audit, the methods of collecting evidence and the rules of confidentiality.

The EIB's own funds activities are not affected.

This story was first published in French on Paperjam. It has been translated and edited for Delano.