EU governance web dossier updated
The Court of Audit added new information to its EU governance web dossier on 2 July 2014. The dossier now presents the situation at 1 June 2014. The House of Representatives has been informed by letter.
The new information relates to the emergency funding and stability mechanisms, EU economic governance and the development of the banking union. The total amount granted from the emergency mechanisms and the International Monetary Fund to countries in financial difficulties has increased by €15.5 billion to €444.4 billion since January 2014. Payments were made during this period to Greece (€9.7 billion), Portugal (€4.4 billion), Ireland (€1.2 billion) and Cyprus (€0.2 billion).
The latest developments in budgetary oversight and macroeconomic supervision are considered in the section on European economic governance. The section on the European system of financial supervision has also been updated with information on bank supervision and the development of the banking union. It looks at the current status of the Single Supervisory Mechanism (SSM), the Single Resolution Mechanism (SRM), the deposit guarantee scheme and the use of the European Stability Mechanism (ESM) as an instrument for the direct recapitalisation of banks.
The Court of Audit is following the measures developed by the EU to overcome the current financial and economic crisis. The EU governance web dossier presents the latest developments in the European emergency mechanisms, budgetary discipline, supervision of the banking sector and the EU´s economic priorities.