The European Commission needs to specify how it intends to handle the financial risks of the investment fund proposed by its president Jean-Claude Juncker, which would divert €2.7 billion of Horizon 2020 funding, the European Court of Auditors has said.
In a report published on 13 March, the court of auditors said that the €16bn taken from the EU budget to fuel the European Fund for Strategic Investments (Efsi)—which the Commission claims will leverage a further €300bn in private spending—may lead to larger risks to the EU budget. The court called on the Commission to ensure that member states would not be left to cover any losses.
The report also recommended that an unconditional cap should be put on the expenses of the European Investment Bank (EIB), which would manage the fund.
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