How do 25 anti-fraud investigators track €347bn ($454bn) of taxpayers’ money? The question is at the heart of a new FT investigation into the European Union’s structural funds – monies which are meant to boost the group’s weakest economies. The funds may be well-intentioned, but the investigation finds that there’s often little oversight and much waste.

Structural funds matter to emerging Europe: the risk of losing them was, according to some analysts, crucial in Hungary’s recent commitment to a lower budget deficit. So accusations of irregularities are likely to cause alarm. Readers can access the FT’s investigation online at www.ft.com/eufunds, with stories, analysis and graphics published throughout this week. The highlights include: an analysis of how Poland has successfully spent its funds on road-building; a look at the difficulties in investigating fraud (Wednesday); and recommendations for the reform of the structural funds (Friday). In an age of austerity, with regional solidarity already faltering, Europe needs to get more bang for its buck.