Corruption is estimated to cost the EU economy € 120 billion (US$ 164 billion) a year - just less than its annual budget - according to the European Commission. The Commission's first EU Anti-Corruption report, a survey of corruption in all 28 European Member States, highlighted the urban development and construction sectors as being vulnerable to corruption. The report said more than four out of ten European companies considered corruption to be a problem, and this is true for patronage and nepotism too. When asked specifically whether corruption was a problem for their business, 50% of construction sector and 33% of telecoms/IT companies felt a serious issue.
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