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Today 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.
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).
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.
People looking for a job can count on support from the future EU budget, which provides a significant contribution to job creation through the European Social Fund (ESF) and the European Regional Development Fund. At least EUR 70 billion (i.e. about 10 billion per year) will be available under the ESF for this, complementing national action in this field.