EU Development Policy and Norway Grants: Vocabulary & Implementation

A set of 10 vocabulary flashcards defining core terms related to EU development policy, cohesion policy funds, the Recovery and Resilience Facility (RRF), and the EEA and Norway Grants audit and implementation frameworks.

Grant

A specific financial contribution awarded for an eligible purpose that is normally non-repayable, provided the recipient complies with the established conditions and rules.

National Focal Point (NFP)

The body holding overall responsibility for coordinating the implementation of the Memorandum of Understanding within the beneficiary country under the EEA and Norway Grants framework.

Shared Management

An implementation model in EU cohesion policy where the European Commission sets the regulatory framework and supervises implementation, while designated national authorities carry out operational duties including launching calls, selecting projects, and verifying expenditure.

Recovery and Resilience Facility (RRF)

The central funding instrument of NextGenerationEU that utilizes a performance-based financing model, linking disbursements to the satisfactory fulfilment of agreed qualitative milestones and quantitative targets rather than reimbursing eligible project costs.

National Co-financing

Domestic public resources contributed by a Member State alongside EU or donor funds to complement external financing for an intervention or programme.

Eligible Expenditure

Project costs that satisfy all regulatory, legal, and programme-specific criteria, qualifying them to be reimbursed or formally accounted for under a funding mechanism.

Materiality Threshold

The audit benchmark (specifically a $2\%$ error rate) used to determine whether financial irregularities and errors affect the overall audit opinion or necessitate financial corrections.

Programme Operator (PO)

The designated institution responsible for developing and managing an individual programme, which includes publishing calls for proposals, assessing applications, and selecting and contracting projects.

Decommitment of Funds

The automatic cancellation or withdrawal of allocated budget resources (such as under the $N+2$ or $N+3$ rule) resulting from a failure to absorb the allocated funding within the mandated timeframe.

Unqualified Audit Opinion

A clean auditor's statement issued without reservation or limitation, confirming that the management and control systems provide reasonable assurance and that declared expenditure complies with applicable rules.