The European Court of Auditors has signed off the EU’s 2008 accounts. Having spent months going over every cent spent by the European Commission last year, the European Court of Auditors have produced their annual report.

Every year there is a wave of criticism attacking the accounts with massive allegations of fraud and financial mismanagement .

To counteract this the European Commission has produced a webpage that sets out to debunk the usual flurry of myths and criticisms surround the EU budget and its implementation. Myths surrounding the EU budget

Commissioner for Regional Policy Pawel Samecki also published this video statement on the report. It's not the most compelling video you'll watch today, but he has some fairly interesting things to say.

You can also view the statement and report produced by the European Court of Auditors.