The President of the Commission announces new innovative financial instruments related to the next budgetApril 24, 2020
Hat: The President of the Commission announces new innovative financial instruments related to the next budget
Funding Scheme: 2020-04-24
Following the EU Leaders’ videoconference on the 23th April, the President of the Commission Ursula von der Leyen announced new measures to adpat the next multiannual financial framework for 2021-2027 to the current epidemie crisis.
The President of the Commission estimates the financial needs of the EU require an own ressources ceiling of around 2% of GNI for two or three years instead of the current 1.2%.
The next EU budget must so be adapt to the current situation. For this purpose, the Commission will propose to increase the space between the existing ceiling in the multiannual financial framework and the own ressources ceiling. The legal guarantee provided by Member States will allow the Commission to raise funds, which will be channelled through the European budget into the Member States within a recovery programme.
The money raised will be concentrated in several areas to help tackle the epidemie:
- Increase financial support for investment and reforms in Member States and cohesion;
- Increase investment into modern policies (Green Deal, digital transition and strategic autonomy);
- Improve the resilience of the common crisis response tools;
- Strengthening the support to the neighborhood and partner countries.
Url description: European Commission - Press corner