Spain Sets Up Audit System Key to Unlocking EU Recovery Funds

Brussels warned of no more payments until mechanism installed
Madrid eligible for €160 billion to fund post-pandemic plans

Spain's Prime Minister Pedro Sanchez is counting on the recovery money to keep the economy humming as rising prices curb household spending.Photographer: Angel Garcia/Bloomberg

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By Alonso Soto and Jorge Valero

December 28, 2022 at 12:11 PM UTC

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Spain said a new audit system to track European Union funds is operational, a key milestone needed to unlock money from the bloc’s pandemic recovery fund and smooth relations with Brussels after implementation delays.

The government missed two deadlines to complete installation of the information-sharing system originally promised for the third quarter of 2021, putting at risk payments from the €160 billion ($170 billion) it’s eligible to receive.