EUROPEAN UNION FINANCIAL BODIES
EUROPEAN UNION FINANCIAL BODIES

Summary/Abstract: The complex institutional framework of the European Union includes also financial bodies that are without precedent in the area of international organizations, in terms of their composition and functions. These are the Court of Auditors, European Central Bank and European Investment Bank. Establishment and operations of these bodies result from development of European integrations in the area of budgetary, monetary and banking affairs. Establishment of the Court of Auditors as a body of financial control resulted from increasing independence of the Community sources of finance and replacement of the contribution of member states by own Community revenue. The European Central Bank was established in the last, third stage of the development of the economic and monetary Union. Ever since, it has been operating together with other national central banks of the member states within the European system of central banks. The European Investment Bank has been in place ever since the Community was established as a banking and financial institution making up the Group of the European Investment Bank together with the European Investment Fund.

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