World News

Thursday 10 July 2014

Corruption costs EU £99bn a year

Published 03/02/2014|17:27

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The European Commission says corruption costs the EU 120 billion euro a year

An EU report says corruption affects all 28 member countries of the European Union and costs their economies around 120 billion euro (£99 billion) a year.

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The report, the EU's first on corruption, was issued by European Commissioner Cecilia Malmstrom.

The report finds that EU member states have taken many steps in recent years to fight corruption, but that the results are uneven and that more needs to be done.

Malmstrom said in a statement: "Corruption undermines citizens' confidence in democratic institutions and the result of law, it hurts the European economy and deprives states of much-needed tax revenue.

"Member states have done a lot in recent years to fight corruption, but today's report shows that it is far from enough."

AP

Press Association

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