EU watchdog to audit Juncker Plan

Leo Brincat to head European Court of Auditors review of the strategic investment fund set up by the European Commission under Jean Claude Juncker

European Court of Auditors member Leo Brincat with EC vice president Jyrki Katainnen
European Court of Auditors member Leo Brincat with EC vice president Jyrki Katainnen

The audit is expected to review the fund’s effectiveness and determine whether the investment decisions made were value for money.

Dubbed as the Juncker Plan, the European Fund for Strategic Investments was set up to complement EU funding for major projects in member states.

Set up in 2015, the fund was expected to mobilise €315 billion in new investments until 2018 while increasing access to finance for small and medium enterprises.

Leo Brincat, the Maltese member of the European Court of Auditors, said the growing importance of funds like EFSI to sustain Europe-wide investments made it all the more important to ensure they functioned in the most efficient way.

Brincat today held an exploratory meeting with European Commission vice president Jyrki Katainnen in Brussels.

The audit report will be approved in September next year.

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