New regulations for European fund absorption

Romania is among the 8 EU states that have reported a low absorption rate of structural and cohesion funds, below 60%. The European Commission on Monday passed new regulations meant to help member countries use those funds better.

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România Internațional, 05.05.2015, 13:10

The European Commission on Monday passed new regulations meant to help EU countries with a low fund absorption rate such as Romania. The Commissioner for Regional Policy, Romanian Corina Cretu, pointed out that the new regulations were actually a revised version of the research for the regional policy programs for the 2007-2013 period. She explained that the new regulations would help EU countries by means of a think tank that she initiated right after she had become Commissioner for Regional Policy.

That group focuses on 8 EU countries with which the EU Commissioner cooperated closely in this regard, namely Bulgaria, Croatia, the Czech Republic, Italy, Romania, Slovakia, Slovenia and Hungary. The group will help the aforementioned countries to make better use of the community funds for the 2007- 2013 period, which are still available to them.

According to figures made public on the site of the Romanian Ministry for European Funds, the current absorption rate stands at 53.1%. The new regulations provide for those funds to be used as part of certain projects by the end of 2015. Corina Cretu added that the new documents explained in detail the steps to be followed by the member states and the Commission for the finalization of the cohesion policy programs for the 2007- 2013 period.

Then, by March 2017, those countries will have to submit a final report which should include the name and number of projects implemented, a review of expenses and a declaration of completion attesting the legality and compliance of expenses. Another new element is the introduction of the 10% flexibility component, which allows for expenses higher by 10% to be made under a program focusing on a certain priority, if they are compensated by an equivalent reduction of 10% for another priority within the same program, Commissioner Cretu added.

She also said that simplified procedures were passed allowing for the spacing out of some of the projects from the 2007-2013 period in the 2014-2020 period. Corina Cretu also added that progress was already reported in implementing programs for the 2007-2013 period.