Auditor calls for new approach to EU spending and investment

The independent auditor of the European Union's accounts has called for a "wholly new approach" to the way the EU spends and invests its money.

European Court of Auditors president Vitor Caldeira said the EU is too slow to respond to crises and too often misses the results target.

"The EU must invest its money better," he said.

He also complained about too much red tape which leads to waste.

In a statement, the ECA said major changes are required so that funds better dovetail with the long-term ambitions of the 28-nation bloc.

The ECA said the collection of EU revenue was error-free but that mistakes on expenditure amounted to 4.4% in 2014 - 0.1 point lower than the previous year.