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Europe is spaffing €20bn on handouts for tech

Charlie Clark Silver badge

Auditors haven't signed off the EU accounts for almost 20 years. It's a very wasteful way of spending a pound. Or Mark. Or a Frank.

Facts, eh? Who needs them.

Remember the budget spent by the body of the EU is tiny compared to the money, mainly pork, handed out to member states.

As this is about the EIB it should be further noted that this is run by the member states and not the Commission. I'm not a fan of monetary policy being used for stimulus but it was Juncker's declared aim to use the EIB to finance projects in the absence of stimulus from member states. There was a fanciful plan of using EU money to encourage investment from private investors. I'm sure it will all end in tears. But this is more to do with the abrogation of responsibility by politicians in the hope that handouts from the ECB will mean they can continue to sit on their hands (France and Italy are particularly guilty here).

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