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Council adopts new rules to simplify access to EU funds

The Council today adopted1 new rules aimed at equipping the EU budget with simpler financial rules while securing sound treatment of European taxpayers' money (45/12 + 14800/12 ADD 1 + ADD 2 + ADD 3). This follows a first-reading agreement with the European Parliament. In order to enter into force the new rules have to be published in the Official Journal of the EU. They will become applicable on 1 January 2013, the same day as the rules of applications that the Commission should adopt in the coming days.

The financial regulation can be considered as a corner stone of the EU legislation since it contains all the principles and rules for the implementation of the EU budget and is applicable to all areas of expenditure and all revenue. The adoption of the financial regulation paves the way for the adoption of around 70 proposals for sector specific legislative acts covering areas such as agriculture, cohesion policy, research, environment, transport, energy and external aid.

The main objectives of the revised financial regulation are to cut red tape, increase the leverage effect of limited EU funds and assure more accountability for the EU taxpayer.

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