The agreement means that the overall EU budget, for the first time ever, will decrease. However, the member states recognised the importance of education, training, research and innovation for jobs and growth and the allocation for this area is proposed to increase compared to the current levels. The suggested allocation for the "Creative Europe programme" supporting cultural and creative industries – a high contributor to jobs and growth in Europe – would also mean an increase.
While the agreement between member states is an important step towards a final budget decision it is by no means the last step. The new budget proposal will now be discussed in the European Parliament before it is put to a final vote in a few months' time. In the meantime, the Commission will take into account this new budget allocation proposal and come up with suggestions how the available funds could be concretely divided among the funding programmes.