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.
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