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Wednesday, November 13, 2013

Agreement on the 2014 Budget

Economy - Finances, -,

After hours of negotiations on the night of 11 to 12 November, the European Parliament and the Council reached an agreement on the EU budget for 2014, the first year of the Multiannual Financial Framework 2014-2020.



The budget is almost 6% down on this year, but the EU agreed budget ensures that money is spent on the most important priorities. Institutions have agreed to reinforce the financing of such priority areas as economic growth, jobs, innovation and humanitarian aid. Indeed, almost half of the budget, 64 billion euro,... Read more

After hours of negotiations on the night of 11 to 12 November, the European Parliament and the Council reached an agreement on the EU budget for 2014, the first year of the Multiannual Financial Framework 2014-2020.



The budget is almost 6% down on this year, but the EU agreed budget ensures that money is spent on the most important priorities. Institutions have agreed to reinforce the financing of such priority areas as economic growth, jobs, innovation and humanitarian aid. Indeed, almost half of the budget, 64 billion euro, will be made available to initiatives for smart and inclusive growth.

Moreover, an agreement has been reached for more money to counter skyrocketing youth unemployment across the European Union. Budgets for investing in policy areas aiming to boost economic growth, such as research (Horizon 2020), the digital agenda, small- and medium sized enterprises (COSME) and education (Erasmus+) will also increase substantially as compared to the Council’s proposal.

Parliament also won the support of EU member states to strengthen FRONTEX, the EU’s external border management agency and the Asylum Support Office and to secure more funds to meet the EU’s international obligations in the Middle East, strengthening the humanitarian aid and refugees.

Parliament in turn agreed to the member states’ wishes to increase funding for Cyprus, which was part of the rescue package when it was on the brink of default.

The budget amounts to 142.6 billion euro in commitments and 135.5 billion euro in payments, and the budget for 2014 will also provide for remedying payments shortfalls in the current fiscal year. An agreement has yet to be reached to cover part of catastrophic flooding and drought in 2013.

Both the European Parliament and Council must still adopt it formally. And if all the conditions are met, the Committee could approve the Multi-annual Financial Framework (MFF) in the following days. Hide

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