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The Use of Financial Instruments in European Structural and Investment Funds

What Are the Improvements in the Legal Framework for the Programming Period 2014-2020 from an Audit Perspective?

Dennis Wernerus, Rares Rusanescu


The increasing use of financial instruments (FIs) has been one of the major innovations in European Structural and Investment (ESI) Funds in recent years. Equity, guarantee and loan instruments are more and more used instead of grants to provide public support. This article provides some background information in relation to the difficulties of implementing financial instruments in the programming period 2007-2013. It also assesses to what extent the legal framework for using these instruments in the programming period 2014-2020 may address the weaknesses identified by the European Court of Auditors (ECA or Court).

Dennis Wernerus and Rares Rusanescu work at the European Court of Auditors in Luxembourg. The opinions expressed by the authors in this publication in no way commit the institution for which they work.

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