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Although on paper the European Investment Bank has procedures in place to reduce the risk of fraud and corruption, the bank's policies are poorly-policed and full of loopholes (Photo: Counter Balance)

EU investment bank 'wide open to abuse by fraudsters'

Last week, dramatic news came from Italy: a state of emergency had to be declared in Venice following dramatic floods – the city was engulfed by 1.87m high-water levels.

One question now very much on the minds of those affected is why a much-vaunted multi-billion dollar flood protection scheme, known as the Mose project, failed so dismally to keep the flood waters at bay.

Many blame corruption associated with the project, which...

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The views expressed in this opinion piece are the author’s, not those of EUobserver

Author Bio

Xavier Sol is director of Counter Balance, a Brussels-based European coalition of development and environmental non-governmental organisations which scrutinises the European Investment Bank and other financial development aid.

Although on paper the European Investment Bank has procedures in place to reduce the risk of fraud and corruption, the bank's policies are poorly-policed and full of loopholes (Photo: Counter Balance)

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Author Bio

Xavier Sol is director of Counter Balance, a Brussels-based European coalition of development and environmental non-governmental organisations which scrutinises the European Investment Bank and other financial development aid.

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