EU Council adopts the multiannual financial framework 2014-2020
Yesterday the Council of the European Union adopted the EU’s multiannual financial framework (MFF) for 2014-2020. This follows the European Parliament’s consent of 19 November. The MFF regulation will enable the European Union to spend up to EUR 959.99 billion in commitments and EUR 908.40 billion in payments over the next seven years. This is 3.5% and 3.7% respectively less than under the MFF 2007-2013, ensuring budgetary discipline for the EU and reflecting the particular budgetary pressure that member states currently face at national level. A strong emphasis will be put on expenditure aimed at boosting growth and creating jobs.