The Official Journal of the European Union has published the European Commission consolidated financial statements for the financial year 2007 with a surplus of EUR 7,462 million.

The budget surplus has continued to decrease, from EUR 1,848 million to EUR 1,529 million:

• The economic outturn for the year has increased from a surplus of EUR 197 million in 2006 to a surplus of EUR 7,462 million in 2007.
• Total assets increased from EUR 67,332 million in 2006 to EUR 75,386 million, with total liabilities increasing from EUR 131,550 million to EUR 134,006 million. The difference between assets and liabilities will be financed in the short-term from budgetary funds lready voted, or guaranteed by the Member States in the longer-term.

Accounting Principles

The consolidated annual accounts of the European Communities for the year 2007 have been prepared on the basis of the information presented by the other institutions and bodies under Article 129.2 of the Financial Regulation. I hereby declare that they were prepared in accordance with Title VII of the Financial Regulation of the EC and with the accounting principles, rules and methods set out in annex to the financial statements.

The accounts are also kept in accordance with Council Regulation (EC, Euratom) No 1605/2002 of 25 June 2002 (OJ L 248, 16.9.2002, p. 1, last amended by Council Regulation (EC, Euratom) No 1995/2006 of 13 December 2006, OJ L 390, 30.12.2006) on the Financial Regulation applicable to the general budget of the European Communities and Commission Regulation (EC, Euratom) No 2342/2002 of 23 December 2002 laying down detailed rules for the implementation of this Financial Regulation, last modified on 28 March 2007.