Overview

• The European Court of Auditors has highlighted significant flaws in the EU's 650 billion euro COVID recovery fund, including poor transparency, unmet milestones, and weak oversight.
• Auditors report that 72% of the fund's milestones remain unachieved, with unclear cost reporting and no assurance that funds reached intended beneficiaries.
• The fund, financed entirely through EU debt issuance, played a critical role in pandemic recovery but left citizens without clarity on its true costs or outcomes.
• The auditors formally recommend against replicating the fund in its current form, emphasizing the need for stronger governance and accountability mechanisms.
• Despite these findings, the EU Commission plans to borrow 150 billion euros for defense spending, bypassing parliamentary oversight, raising further concerns about transparency and accountability.