More work needs to be done to fix the loopholes in the declarations, for example, they should be available in the major European languages. At present every member or official reports in just their mother tongue. Schulz's deceleration is only in German, for instance.

In addition, there is no means to test the accuracy of their declarations. For all the top EU officials, they should endure the scrutiny of accountability through the Internet, declaring their income sources, property and post them online before taking up their posts. And at the same time, they must obey the strict rules of conduct, which have also been made public online.

This year, the EU has been in leadership transition and after the new European Parliament was put into operation in July, the shuffled European Commission will start work in November, if the parliament approves the commissioner-designate this week.

The leadership transition in the EU means changes in teams with and a "revolving door" in operation as many switch between the EU institutions and the private sector and vice versa.

Asset disclosure for officials in sensitive posts contributes to the accountability of public officials and facilitates the detection and investigation of cases of abuses of power for personal gain and helps detect conflicts of interests.

For all the top EU officials, they must endure the scrutiny of accountability through the Internet, declaring their income sources, property and jobs online before taking their current title. At the same time, they must obey strict rules of conduct, which are also posted online for public supervision.

As the report on corruption high-lighted, openness and transparency act as a disincentive to corruption and can help to reveal transgressions.

The author is China Daily's chief correspondent in Brussels. fujing@chinadaily.com.cn