After two and a half years of negotiations after the first proposals of the European Commission, the European Parliament had voted in favour of the EU’s multiannual financial framework (MFF) for 2014 to 2020 on Tuesday. Actually, all the conditions set by the European Parliament in its resolution of July were met.

The spending priorities set by the multiannual financial framework for 2014-2020 are focused on sustainable growth, employment and competitiveness in line with the growth strategy “Europe 2020” of the EU.

The overall budget for the next seven years is 960 billion euro in commitments and 908 euro billion in payments. 39 % of the budget will be devoted to the preservation and management of natural resources and 34% go to cohesion policy for growth and employment.

Moreover, the European Parliament reached to insert a “revision clause”, which will require the European Commission to present a review of the functioning of the EU’s long-run budget (Multi-annual Financial Framework -MFF) in 2016, taking full account of the economic situation at the time.

Lithuanian Presidency insisted on the necessity of completing the negotiations on the MFF so that European funds intented to support EU key policies such as cohesion and agriculture could be available in time for Member States.

The Council of Ministers is set to approve the MFF as an A point at the Competitiveness Council on 2 December.