The European Parliament voted in favour of the EU's Multiannual Financial Framework (MFF) for the years 2014 to 2020. The consent of the EP clears the way for the final approval by the Council in the coming weeks. Two and a half years of intense negotiations, since the Commission had tabled its proposals on 29 June 2011, have come to an end.
How much is in it and for what?
The EU's Multiannual Financial Framework 2014-2020 allows the European Union to invest up to EUR 960 billion in commitments (1.00% EU GNI) and EUR 908.4 billion in payments (0.95% EU GNI). Instruments for unforeseen circumstances (like the Emergency Aid Reserve, the European Globalisation Fund, the Solidarity Fund and the Flexibility instrument) and the European Development Fund are situated outside the ceilings of the MFF. If fully activated, they represent additional 36.8 bn (or 0.04% of EU GNI). The EU's budget framework 2014-2020 defines spending priorities that are geared to sustainable growth, jobs and competitiveness in line with the EU's growth strategy Europe 2020.