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Corruption Costs European Union $162 Billion Each Year

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The EURO logo is pictured in front of the European Central Bank (ECB) in Frankfurt/Main, Germany, on February 3, 2014. (DANIEL ROLAND/AFP/Getty Images)
The EURO logo is pictured in front of the European Central Bank (ECB) in Frankfurt/Main, Germany, on February 3, 2014. (DANIEL ROLAND/AFP/Getty Images)

BRUSSELS (AP) — An EU report says corruption affects all 28 member countries of the European Union and costs their economies around 120 billion euros ($162.19 billion) a year.

The report, the EU's first on corruption, was issued Monday by European Commissioner Cecilia Malmstrom.

The report, summarized in a news release before publication, finds that EU member states have taken many steps in recent years to fight corruption, but that the results are uneven and that more needs to be done.

Malmstrom said in a statement that "Corruption undermines citizens' confidence in democratic institutions and the result of law, it hurts the European economy and deprives states of much-needed tax revenue.

"Member states have done a lot in recent years to fight corruption, but today's report shows that it is far from enough."

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