Report on the efficiency of the ECB's management

The European Central Bank on Friday 15 October published the report prepared by the European Court of Auditors on the operational efficiency of the management of the ECB for the financial year 2003, together with the ECB's reply to it. The report noted that delays in implementing projects remain significant.

"The Court encourages the ECB to focus on the main reasons for these delays, their effects and the steps needing to be taken to prevent their recurrence. Increased attention should be

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