E.U. Auditors: Waste and Fraud Continuing

The European Union's auditor said Tuesday that several billion euros is still being wasted every year by the 27 member states and the executive Commission — at a time when spending cuts are a key political issue during the economic crisis.

Tuesday's report of the European Court of Auditors said that errors in payments had risen to 3.9 percent of the EU's €129.4 billion ($165.33 billion) 2011 budget and that there were "too many cases of EU money not hitting the target or being used sub-optimally."

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