• How can the EU be expected to be taken seriously on the financial crisis whilst in the space of a few short months it pleads poverty in its own 2011 budget, only to post a surplus in April? This is the question I asked yesterday in Strasbourg as Commission President Barroso continued his attempts to offer solutions to the financial crisis.
It was only on monday that EU Commissioner for Financial Programming and Budget Janusz Lewandowski announced via press release that what he had stated at the end of February was not in fact true: instead of an 11 Billion deficit, the 2011 EU Budget was running a surplus of almost 1.5 Billion Euro.
The Commission’s credibility amongst financial circles was already in tatters before the budget Commissioner announced this.
Let us recap: Before Christmas 2011, the EU budget was allegedly so short of cash it needed an extra 11 Billion. Yet on Monday the same budget posted a surplus.
In short, the Commissioners in charge don’t even know how much money they have in the bank!
As I said 10 years ago after being relieved of my post of EU Chief Accounting Officer, their accounting is worse than that of the ice cream shop on the corner!