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EU: deal on multi-billion euro budget for 2014-2020

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Wednesday, 10 July 2013

EU: deal on multi-billion euro budget for 2014-2020

The European Union will have a total budget of €960 billion for the next seven years (the period 2014-2020); the members of the European Parliament (MEPs) agreed on this figure at the end of June 2013, approving the deal struck by the representatives of EU member states and the European Parliament on June 19th.

The deal left unchanged the overall spending limits for 2014-2020 agreed by EU leaders in February. They included the first ever real-terms decrease in long-term spending, while agriculture and regional development funding will continue to enjoy the largest budgets.

But negotiators did agree that a limited amount of unspent funds could be moved from one year's budget to the next, instead of being returned to national coffers as at present.
The deal also includes a binding revision clause in 2016, in parallel with a review of the EU budget’s so-called “own resources”, which refers to the EU’s ability to raise its own taxes to win additional sources of revenue.

The budget comprises also a 31.589 billion Euro for the next (11th) European Development Fund (EDF) – the traditional EU funding to the African, Caribbean, and Pacific (ACP) states.
In comparison, in the previous period (2008-2013), the EDF had a budget of €22,7 bn. Yet, the yearly amounts paid out in the next period (2014-2020) are to be similar to the ones during 2008-20013, given that its total budget accounts for one extra year.

The final legally binding vote on the budget in Parliament will only take place when the €11.2 billion needed to balance the 2013 budget is confirmed by the Council. That is expected to happen in September or October 2013.

Source: EurActiv