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Top financial watchdog slams EU accounts system

The European Commission was under pressure on Monday, as the EU's top financial watchdog has not been able to give the EU's accounts the all clear for the ninth consecutive year.

In its annual report on the 2002 financial year, the European Court of Auditors expressed a number of reservations regarding the Commission's accounting system and also said that the Commission's timetable to modernise the accounts by 2005 is "too optimistic".

The report also indicates that 7.4 billion eu...

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