In May 2020, the Commission has proposed a powerful, modern and revamped long-term EU budget boosted by Next Generation EU, an emergency temporary recovery instrument, to help repair the immediate economic and social damage brought by the coronavirus pandemic, kickstart the recovery and prepare for a better future for the next generation.
This proposal builds on the 2018 Commission’s proposal and on the considerable progress that has already been made in the European Parliament and the Council. To ensure an effective implementation of the Recovery Plan, which reaches out to everybody in the EU and to our global partners, the Commission is mobilising a variety of instruments, organised around three pillars:
The proposed EU budget will power a fair socio-economic recovery, repair and revitalise the Single Market, guarantee a level playing field, and support the urgent investments – in particular in the green and digital transitions – which hold the key to Europe’s future prosperity and resilience.
Unprecedented investments to restore and rebuild Europe
On 21 July, after four days of negotiations, EU leaders agreed on a record-high €1.82 trillion long-term budget including a temporary recovery instrument, Next Generation EU, based on the Commission proposal of 27 May 2020. To finance Next Generation EU they decided, for the first time in European history, to enable the Commission to borrow funds on the markets and use them to finance the recovery.
Please find here a link to the Conclusions adopted by the European Council.
- May 2020
Commission proposal for the revised Multiannual Financial Framework 2014-2020 & 2021-2027 and Own Resources Decision + sectoral legislation
- By July 2020
European Council: Political agreement on Multiannual Financial Framework 2014-2020 & 2021-2027 and Own Resources Decision
- By summer 2020
European Parliament’s consultation on Own Resources Decision
- Early autumn 2020
Adoption of the revised Multiannual Financial Framework 2014-2020 + corresponding sectoral legislation
- October 2020
- December 2020
Adoption of the revised Multiannual Financial Framework 2021-2027
(European Parliament’s consent)
Adoption of the Own Resources Decision
(Ratification by all Member States in line with their constitutional requirements)
- January 2021
Multiannual Financial Framework 2021-2027 implementation starts
Proposal May 2018
For more information on the Commission's proposal adopted in May 2018, see: