European Parliament endorses agreement on EU's long-term budget

European Parliament endorses agreement on EU’s long-term budget (MFF 2014-2020)

Today, the European Parliament voted in favour of the outcome of its negotiations with the Council on the EU’s long-term budget, the Multiannual Financial Framework (MFF) for 2014-2020.

 

The Parliament secured the key priorities set out in its negotiating mandate. These include close to full flexibility to move unpaid funds between years and large flexibility for commitments, both between years and categories of expenditure, to make it easier to finance youth employment and research policies, the Erasmus for all programme and support for small and medium-sized firms.

 

The Parliament inserted a “revision clause” in order to give the next Parliament and Commission a say on a budget that they would otherwise have to comply with until the end of their terms. The Commission will present a review of the functioning of the MFF, taking full account of the economic situation at the time. Particular emphasis will be given to aligning the future duration of the MFF, currently seven years, with the 5-year political cycles of the EU institutions. The review will be accompanied by a legislative proposal for revision.

 

Another important issue for the Parliament was to ensure that the 2014 budget, the first under the new MFF, is not affected by old unpaid bills. The Council will therefore settle the outstanding payments for 2013, estimated at €11.2 billion. The Parliament will not give its consent to the MFF regulation or adopt the 2014 budget until this new amending budget, covering the remaining deficit as identified by the Commission, has been adopted by the Council.

 

Following the EP resolution, the European Council will now adopt its draft MFF regulation on which the European Parliament will have to give its formal consent.

After the Parliament’s consent, the Council will formally adopt the MFF Regulation (including an inter-institutional agreement focussing on the more practical implementation of the MFF and budgetary rules). The final agreement on the MFF is the precondition for the legal basises for any new EU funding programme.

 

 

 

Find out more:

http://www.europarl.europa.eu/news/en/headlines/content/20130624FCS14305/9/html/EU-budget-Parliament-accepts-deal-on-long-term-budget

http://europa.eu/rapid/press-release_MEMO-13-646_en.htm