The EU budget needs reform, both on the revenue and on the expenditure side, to address current challenges and to achieve tangible results for European citizens. This is the main conclusion of a detailed report drawn up by a high-level group which its chairman, Mario Monti, presented to the College of Commissioners today.
The independent high-level group on own resources ("Group") was set up in February 2014 to reflect on more transparent, simple, fair and democratically accountable ways to finance the European project. It was chaired by Mario Monti and composed of members designated by the European Parliament, the Council and the European Commission.
The Chair of the Group, former Prime Minister of Italy and former EU Commissioner Mario Monti said:
'The EU budget is one of the main tools for the EU to achieve its objectives and needs in depth rethinking. It should focus more on common challenges such as securing our external borders, stabilizing our neighbourhood or tackling climate change. At the same time, new resources would help us move to a more simple, transparent, fair and democratically accountable system. Now is the moment to make the financing of our European project fit for the future. Let's not waste this opportunity".