Legal Regulation of the System of Financial Control Bodies in the European Union: a Comparative Aspect
Abstract
Abstract. The main purpose of the study is to analyze the legal regulation of the system of financial control bodies in the European Union and compare it with the corresponding systems of individual subjects of international law. It is emphasized that the importance of effective financial control in the European Union cannot be overestimated, because financial control serves as a bulwark against systemic risks, ensuring the stability and reliability of the EU financial system. In an era characterized by globalization, rapid technological development and changing market dynamics, effective financial control mechanisms are essential to identify, monitor and mitigate risks that may threaten financial stability. The work highlights the mechanisms by which these structures support transparency, efficiency and accountability in the management and audit of EU financial resources. Examining the roles and responsibilities of such important bodies as the European Commission, the European Court of Auditors (ECA), the European Anti-Fraud Office (OLAF), the European Public Prosecutor's Office (EPPO), the Committee on Budgetary Control of the European Parliament (CONT) and the Directorate-General for of the budget of the European Commission (DG BUDG), the author seeks to highlight the complexities and challenges inherent in the legal regulation of financial control in a supranational context. In addition, the article examines the interaction between pan-European norms and national legal systems in ensuring financial discipline and combating fraud against the EU budget. Through case studies and benchmarking with other international jurisdictions, the research aims to identify best practices, potential gaps in existing systems and areas for reform. Ultimately, this study aims to contribute to the ongoing debate on improving the effectiveness and reliability of financial control mechanisms in the European Union, thereby ensuring the legal and prudent use of EU financial resources.
Keywords: control; supervision; financial control; European Union; bodies and institutions of the European Union; legal regulation; audit; accountable; transparency.
Downloads
References
Acharya, A. (2018). Regionalism Beyond EU-Centrism. T.A. Börzel, T. Risse (Eds.). The Oxford Handbook of Comparative Regionalism (pp. 109-130). Oxford University Press.
Anleo, J.E.G., & Kolloczek, N. (2021) The European Anti-Fraud Office and the European Public Prosecutor’s Office: A Work in Progress. EUCRIM, 3, 187-190. doi: 10.30709/eucrim-2021-028.
Bauer, M.W., & Becker, S. (2020). Democratic Backsliding, Populism, and Public Administration. Perspectives on Public Management and Governance, 3(1), 19-31. doi: 10.1093/ppmgov/gvz026.
Brandsma, G.J. (2016). Holding the European Commission to Account: The Promise of Delegated Acts. International Review of Administrative Sciences, 82(4), 656-673. doi: 10.1177/0020852315583195.
Cipriani, G. (2010). The EU budget: Responsibility without accountability?. Centre for European Policy Studies (CEPS). Brussels. Retrieved from https://papers.ssrn.com/sol3/papers.cfm? abstract_id=1721515.
Giuffrida, F. (2017). The European Public Prosecutor’s Office: King without Kingdom?. CEPS Research Report, 03. Retrieved from https://cdn.ceps.eu/wp-content/uploads/2017/02/RR2017-03_EPPO.pdf.
Halunko, V., & Mosondz, S. (2022) Financial control from the position of legal regulation in the EU: analysis of development prospects in Ukraine. Academic Visions, 13. doi: 10.5281/zenodo.7516298.
Hancu-Budui, A., Zorio-Grima, A., & Blanco-Vega, J. (2023). The quest for legitimacy: The European Court of Auditors’ work on fraud. Financial Accountability & Management, 40, 154-172. doi:10.1111/faam.12375.
Herrnfeld, H.H., Brodowski, D., & Burchard, C. (2021). European Public Prosecutor’s Office. Article-by-Article Commentary. Nomos. Retrieved from https://www.bloomsbury.com/uk/european-public-prosecutors-office-9781509947157.
Inghelram, J.F.H. (2019). The European Public Prosecutor’s Office: A New Actor in the Fight against Fraud in the EU. European Law Review, 44(5), 722-744. doi: 10.46282/blr.2020.4.2.207.
Juszczak, A., & Sason, E. (2017). The Directive on the Fight against Fraud to the Union’s Financial Interests by Means of Criminal Law (PFI Directive): Laying Down the Foundation for a Better Protection of the Union’s Financial Interests?. Eucrim, 2, 80-87. doi: 10.30709/eucrim-2017-009.
Kisiel, S. (2016). The European Public Prosecutor’s Office - the fiasco of the European Union financial security vision? Economics and Law, 15(3), 347-356. doi: 10.12775/EiP.2016.023.
Lacny, J. (2017). Between the devil and the deep blue sea. The CJEU case-law on financial corrections imposed by the Commission on the Member States. Journal of Contemporary European Research, 13(2), 1043-1054. doi: 10.30950/jcer.v13i2.856.
Ligeti, K., & Simonato, M. (2017). The European Public Prosecutor’s Office: Towards a Truly European Prosecution Service? New Journal of European Criminal Law, 8(1), 7-21. doi: 10.1177/203228441300400102.
Marín, M.A.P. (2022). European Anti-Fraud Office: an administrative body in the criminal investigation. Revista general de derecho procesal, 50.
Mesquita, J., Pereira dos Santos, J., & Tavares J. (2023). European Funds and Firm Performance: Evidence from a Natural Experiment, IZA Discussion Papers, 16526. Bonn. Retrieved from https://www.iza.org/publications/dp/16526/european-funds-and-firm-performance-evidence-from-a-natural-experiment.
Niblock, R. (2021). Cooperation with EU agencies and bodies under the EU-UK Trade and Cooperation Agreement: Eurojust, OLAF and the EPPO. New journal of european criminal law, 12(2), 277-282. doi: 10.1177/2032284421996051.
Paliienko, A. (2023). Regulation of the European Parliament and Council of the EU No. 912/2014 of 23 july 2014: a legal analysis. Science and Technology Today, 12(26), 195-203. doi: 10.52058/2786-6025-2023-12(26)-195-203.
Pemstein, D., Meserve, S.A., & Melton, J. (2010). Democratic Compromise: A Latent Variable Analysis of Ten Measures of Regime Type. Political Analysis, 18(4), 426-449. doi: 10.1093/pan/mpq020.
Pikhotska, О., & Pikhotska, М. (2022). Experience of OECD countries in the organization of state financial control. Scientific Notes of Lviv University of Business and Law, 34, 194-201. doi: 10.5281/zenodo.7289587.
Sanchez Barrueco, M.L. (2014). The 2012 Financial Regulation: Building the Cathedral of EU Legitimacy? Challenges of the Knowledge Society, 4(1), 842-853. Retrieved from https://www.researchgate.net/publication/259894628_The_2012_Financial_Regulation_Building_the_cathedral_of_EU_legitimacy.
Sysoieva, I. (2021). Features of the audit in the countries of the European Union. Investytsiyi: praktyka ta dosvid, 3, 26-31. doi: 10.32702/23066814.2021.3.26.
Uman, T., Argento, D., Mattei, G., & Grossi, G. (2023). Actorhood of the European Court of Auditors: a visual analysis. Journal of Public Budgeting, Accounting & Financial Management, 35(4), 493-514. doi: 10.1108/JPBAFM-08-2021-0130.
Utkina, V. (2023). Retrospective analysis of the financial monitoring institute development. Scientific innovations and advanced technologies, 13(27), 377-387. doi: 10.52058/2786-5274-2023-13(27)-377-387.
Wijsman, S., & Crombez, C. (2021). Do fiscal rules decrease public investment? Evidence from European panel data. European Journal of Economics and Economic Policies Intervention (EJEEP), 18(1), 55-76. doi: 10.4337/ejeep.2020.0070.
Abstract views: 23 PDF Downloads: 24
Copyright (c) 2024 Philosophical and Methodological Problems of Law
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
- Authors reserve the right to authorship of their own work and transfer to the magazine the right of the first publication of this work under the terms of the Creative Commons Attribution License, which allows other persons to freely distribute published work with mandatory reference to authors of the original work and the first publication of an article in this magazine.
- Authors have the right to enter into separate additional agreements on non-exclusive dissemination of the work in the form in which it was published in the journal (for example, to post an article in the institution's repository or to publish as part of a monograph), provided that the link to the first publication of the work in this journal is maintained.
- The journal's policy allows and encourages the posting of articles by authors on the Internet (for example, in electronic storehouses of institutions or on personal websites), both before the submission of this manuscript to the editorial office and during its editorial processing, as this contributes to the creation of a productive scientific discussion and positively affects the efficiency and dynamics of citing the published work.
