EU BUDGET: COMMISSION CHAMPIONS OVERALL STRATEGY TO PROTECT FINANCIAL INTERESTS.

The overall strategy sought by the Commission should be multiannual, and based on four major strategic approach between 2001 and 2005:- a change in the regulatory system towards more efficiency and coconsistency;- the full participation and concerted commitment of the national and CoCommunity authorities on the ground;- improving the credibility of the European institutions;- - adapting national criminal law policies to the new Treaty requirements.The Communication has provided an opportunity for Commissioners Michaele Schreyer for the Budget and Ant[cent]nio Vitorino for Justice and Home Affairs to stress anew the need to create a European Public Prosecutor for the protection of the Community's financial interests. The Commission speaks of the need to ensure consistency in investigations throughout the EU, at a time when the number of Member States is set to increase. According to the Commission, a public prosecutor would help enhance the credibility of the Member States in their bid to protect the EU's financial interests.Four challenges singled out.On the basis of these key approaches, the Commission has pinpointed four challenges that have to be met: the first is to set up an overall anti-fraud legislative policy. This would include a preventive component with the involvement of OLAF in drawing up texts related to the financial interests. The Commission also wants the Member States and professional sectors to make a contribution to this policy. The first challenge also involves better detection methods and more effective ways of checking and penalising fraud. The Communication stresses the importance of producing precise rules, particularly in the case of exchanges of information, inspections and co-operation between national authorities. The aim also applies to relations between these authorities and the Commission. As for defining illegal activities, the Commission has already used its work programme for the year 2000 to announce a legislative proposal. The Commission is also anxious to guarantee more effective management of the...