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EU Financial Regulation – Study Notes

| May 20, 2012 | 0 Comments
  • Council Regulation (EC, Euratom) No 1605/2002 of 25 June 2002 on the Financial Regulation applicable to the general budget of the European Communities

The budget consists of:

–          a general statement of revenue and expenditure;

–          separate sections subdivided into statements of revenue and expenditure for each institution.

–          an establishment plan for each section of the budget;

–          borrowing and lending operations;

–          revenue and expenditure budget lines required for implementing the Guarantee Fund for external actions.

 

The Commission section contains:

  • a reserve for emergency aid for third countries;[1]
  • a provision for the European Globalisation Adjustment Fund[2].

 

The summary statement of revenue and expenditure in the budget shows:

  • the estimated revenue for the financial year in question;
  • the estimated revenue for the preceding financial year and the revenue for year
  • the commitment and payment appropriations for the financial year in question and the preceding financial year;
  • the expenditure committed and the expenditure paid in year ,
  • a summary statement of the schedule of payments due in subsequent financial years;
  • appropriate remarks on each subdivision.

 

→ Think Financial Accountability!



[1] More than half the money spent to help poor countries comes from the European Union and its member states, making it the world’s biggest aid donor. But development policy is about more than providing clean water and surfaced roads, important though these are. The Union also uses trade to drive development by opening its markets to exports from poor countries and by encouraging them to trade more with each other.

[2] was set up by the European Union in late 2006 to support to workers (not companies or institutions) who have been made redundant as a result of trade liberalisation, so that they can either remain in employment or find a new job quickly. It provides counselling; job search and mobility allowances; new ICTskills and other forms of training; entrepreneurial support, including micro-credits.

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Category: Essay & Dissertation Samples, Finance Essay Examples

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