Corruption costs European Union $207 billion a year: European Commission
BRUSSELS (AFP) - Corruption across the European Union's 28 countries costs some 120 billion euros (S$207 billion) per year, the European Commission said on Monday, urging member states to do more to stamp out the problem.
The EU's Home Affairs Commissioner Cecilia Malmstroem said the actual figure could be even higher, despite amounting to the EU's entire annual budget or a little less than one percent of the bloc's total economic output.
"This is an estimation," Ms Malmstroem said as she presented the report, the bloc's first, "so probably it is much higher".
The report will hopefully "spur the political will and the necessary commitment at all levels to address corruption more effectively across Europe", she said.