Flexibility and Simplification of EU’ Financial Regulation in the Future Programming Period 2014-2020

Abstract

The paper examines some of the new trends in EU Financial regulation that directly impact the EU budget execution. The New EU financial regulation, valid from 01.01.2013, allows a more effective use of its own resources and establishes simpler rules and clearer implementation procedures for beneficiaries. In this way, an easier, faster and integral access to the Community funds is possible, allowing the EU budget to exercise its role of stabilizing the Union. In the future programming period 2014-2020, different instruments, such as loans, equity or guarantees will be used to enhance the effectiveness of EU funds and thus to enhance their financial impact. The paper also makes reference to other pieces of EU regulation, which have the purpose of addressing the weaknesses identified as a consequence of the financial crisis. Structural Funds Regulations, applicable in the future programming period 2014-2020, aimed to increase the efficiency of structural instruments, so important in the current economic and fiscal climate. However, the debate continues about the possibility of improving the EU budget, its revenue and expenditure, to comply with several financial relevant principles (economic efficiency, equity, stability, visibility and simplicity, effectiveness administrative costs, autonomy financial).