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EU misspent over 6 billion euros last year: watchdog

The European Union misspent 6.3 billion euros ($6.8 billion) in 2014, the bloc’s financial watchdog said on Tuesday, urging Brussels to take make its unwieldy budget more responsive to shocks like the migration crisis. The European Court of Auditors called for a “wholly new approach” to the way the EU uses its cash that would allow the 28-nation union to be more flexible and free up unspent funds so they can be used where needed. “We call for a whole new approach — we cannot afford to do business as usual,” Vitor Caldeira, the president of the independent ombudsman, told journalists as he launched the report.

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