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Financial accountability, as the obligation of public institutions to explain the way in which they manage public funds before the citizens or their representing fora, is undoubtedly linked to systemic legitimacy in any political system, especially in times of economic harshness. Within the European Union, the institution embodying financial accountability is the European Court of Auditors (ECA). This paper represents a critical appraisal of the contribution of the ECA to restoring trust among European citizens. After recalling the theoretical link between financial accountability and legitimacy, a section highlights the particularities of financial management in a system of multilevel governance as the EU. The ECA’s institutional setup is then revised, in order to pinpoint potential gaps in its design that would reduce its effectiveness as the EU financial watchdog. Finally, attention is brought to the increased involvement of the ECA in solutions aimed at coping with the financial crisis. Recent developments show that the ECA is fully embarked in an institutional strategy to help cope with the financial and legitimacy crisis in the European Union.