Memo: Next important step for recasting the Financial Regulation

An amendment of the proposal for the thorough overhaul of the European Union's “financial bible”, the Financial Regulation applicable to the general budget of the European Communities, which lays down the basic rules of financial management was prposed by the European Commission on 30 Octber 2001. The document adopted by the Commission is designed to incorporate amendments suggested by the Court of Auditors and Parliament, in particular where their positions converged. It is now a working document , which will be presented as an amended proposal once Parliament has given its formal opinion.