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EU Financing / Budgetary Affairs, PUBLICATIONS

Revision of EU financial rules [EU Legislation in Progress]

Written by Rafał Mańko (1st  edition),

Financial Regulation Government Control Oversight Stock Market 3d Illustration

© iQoncept / Fotolia

In September 2016, the Commission tabled a proposal for a new Financial Regulation which would replace the current one (together with its Rules of Application), as well as amend 14 other sectoral regulations and a decision each also containing financial rules. The Commission justifies its proposal by the need to simplify EU financial rules and make them more flexible. The proposal was submitted within the framework of the Multiannual Financial Framework (MFF) mid-term revision package. However, the Court of Auditors, in its Opinion No 1/2017, identified a number of shortcomings in the Commission proposal, especially with regard to its own financial governance standards.


Proposal for a Regulation of the European Parliament and of the Council on the financial rules applicable to the general budget of the Union and amending Regulation (EC) No 2012/2002, Regulations (EU) No 1296/2013, (EU) No 1301/2013, (EU) No 1303/2013, EU No 1304/2013, (EU) No 1305/2013, (EU) No 1306/2013, (EU) No 1307/2013, (EU) No 1308/2013, (EU) No 1309/2013, (EU) No 1316/2013, (EU) No 223/2014,(EU) No 283/2014, (EU) No 652/2014 of the European Parliament and of the Council and Decision No 541/2014/EU of the European Parliament and of the Council
Committee responsible: Budget (BUDG) and Budgetary Control (CONT) – jointly under Rule 55 COM(2016) 605

Ordinary legislative procedure (COD) (Parliament and Council on equal footing – formerly ‘co-decision’)



Ingeborg Gräßle (EPP, Germany)

Richard Ashworth (ECR, UK)

Shadow rapporteurs:







Petri Sarvamaa (EPP, Finland)

Inés Ayala Sender (S&D, Spain) / Vladimír Maňka (S&D, Slovakia)

Nedzhmi Ali (ALDE, Bulgaria)

Liadh Ní Riada (GUE/NGL, Ireland)

Bart Staes (Greens/EFA, Belgium) / Indrek Tarand (Greens/EFA, Estonia)

Marco Valli (EFD, Italy)

Next steps expected: Vote on draft report in committee

Stage: Committee vote



  1. Pingback: Revision of EU financial rules [EU Legislation in Progress] | - May 2, 2017

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The content of all documents (and articles) contained in this blog is the sole responsibility of the author and any opinions expressed therein do not necessarily represent the official position of the European Parliament. It is addressed to the Members and staff of the EP for their parliamentary work. Reproduction and translation for non-commercial purposes are authorised, provided the source is acknowledged and the European Parliament is given prior notice and sent a copy. Copyright © European Union, 2014. All rights reserved

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