THE EUROPEAN COURT OF AUDITORS FINDS EU REGIONAL INVESTMENT EFFECTIVELY TARGETED
The European Court of Auditors published on 13 September 2011 findings of their research on the effectiveness of EU investment in tourism, which is the third largest economic sector worldwide, and receives much EU support, specifically through the European Regional Development Fund. The results were most positive for the fund, concluding that:
- all of the projects examined provided positive results; either through lasting job creation (58%), creating tourism capacity (73 %) or activity (74 %); while nearly half had results in all three categories;
- projects were deemed sustainable, with 98% of projects ongoing at the time of the audit, and 94% of created or maintained jobs still stand; and
- the EU support was considered vital to 74% of projects, allowed modification to a further 20%; while only 6% of the projects would have gone ahead without EU investment.
The performance audit is based on a wide survey of projects in nine Member States encompassing 26 regions. The questions addressed by the audit were: Did the projects deliver the results expected of them? Are project results sustainable? Did the EU support influence the existence or the design of the projects?
To read the full report, click here