No public external audit of €240 billion in emergency aid
Little improvement in member states' accountability for European funds
No arrangements have been made yet for the public external audit of and accountability for the EFSF (European Financial Stability Facility, financial ceiling of €188 billion) emergency fund or the first Greek Loan Facility (more than €52 billion). It was agreed on the establishment of the European Stability Mechanism (ESM) that a board of auditors would be appointed to audit expenditure from the fund and report publicly on how the money had been used. In the Court of Audits' opinion, the board of auditors could also audit the EFSF and the first Greek Loan Facility. The Court of Audit also thinks that countries receiving emergency aid should account for their use of EU support and the emergency funding they receive. The Court of Audit presents these findings in the EU Trend Report 2013, published on 7 February 2013.