The European City Economic and Financial Governance (CEFG) Group, which is a strategic partnership between the CFOs and Directors of Finance of the cities of Barcelona (ES), Dublin (IE), Hamburg (DE), the City of London (UK), Milan (IT) andVienna (AT), established and managed by the European Institute of Public Administration (EIPA), published its Standardised financial report and 10 financial health KPIs for City Governments in Europe as first tangible output of their cooperation. All the partner cities united in this strategic collaboration were initially selected based on their participation in the EPSA.
This group is also actively supported by the European Commission through Eurostat. It is the first time in Europe that cities have embarked on the challenging undertaking to produce a joint financial balance sheet in view of harmonising their accounting practices and reliably comparing their financial performance. This is a timely initiative against the background of sometimes highly fragmented public sector financial and accounting practices within the European Union and even within the individual Member States.
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