In its audit report dated 29th January 2019, the European Court of Auditors voiced far-reaching criticism at the European Fund for Strategic Investment (EFSI), colloquially known as “Juncker-Fund”. Key points of criticism are the exaggerated depiction of the Fund’s leverage effect and its imbalanced geographical distribution of investments. However, the main criticism has been reserved for the fact that about a third of the aided projects would have been realised without the funds of the EFSI, which means that the actual objective of the Fund has not been achieved in these cases.