EU watchdog: Not enough safeguards on pandemic recovery fund

By RAF CASERT
Associated Press

BRUSSELS (AP) — The European Union’s financial watchdog is warning that insufficient checks and safeguards on how EU member countries spend a massive aid program designed to help them bounce back from the COVID-19 pandemic crisis are creating possibilities for fraud and mismanagement. The European Court of Auditors warns of an “accountability gap in protecting the EU’s financial interests” as the 27 member states use 724 billion euros ($763 billion) to reinvigorate their economies after the coronavirus crisis. Member states have to set up strict plans on how to use the funds and target future-oriented sectors promoting the green and digital transition of their economies, amongst others.