On 8 February 2013 the European Council reached deal on the next multiannual financial framework (MFF) for the years 2014-2020. The agreement reached at the European Council sets the maximum possible expenditure for a European Union of 28 Member States (EU27 plus Croatia) to €959.99 billion in committments. This sum corresponds to 1.0% of the EU's Gross National Income. The amount of funds available is 3,4% smaller than in the MMF 2007-2013 due to consolidation of public finances on a national level.
Only a day before the Council meeting, the European Parliament had warned EU leaders from unreasonable cuts to the EU's 2014-2020 budget which would undermine growth in Europe. Moreover, the EP had suggested that extreme cutbacks could lead to a Parliament veto. Therefore, the EC agreed on a substantial increase of the expenditures which promise future incomes such as research, innovation, education and job growth agenda.
Final agreement with the European Parliament is still needed for the new MFF to enter into force in January 2014, and the approximately 75 legislative acts covered by the MFF package have yet to be formally adopted.
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11th January 2018
8th January 2018
19th December 2017