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Tuesday 03.03.2015 | Name days: Tālavs, Tālis, Marts

European Commission: scale of corruption in EU is incredible

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUHaving conducted a study of corruption in the EU, the European Commission has stated it’s scale is «breathtaking» and costs estimated 120 billion a year to the block’s economy.

The EU-wide study is based on two major opinion polls, which indicated that three-quarters of EU citizens consider corruption to be widespread in their country. Four out of 10 of the businesses surveyed described corruption as an obstacle to business operations in Europe.

EU Home Affairs Commissioner Cecilia Malmstroem has voiced a view that corruption was eroding trust in democracy and draining resources from the legal economy.

The EU has an anti-fraud agency, Olaf, which focuses on fraud and corruption affecting the EU budget, but so far has had limited resources, BBC wrote.

Malmstroem noted that in some countries public procurement procedures were vulnerable to fraud, while in others political party funding was the main problem, or municipal bodies were badly affected.

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