Next Multiannual Financial Framework: the EU’s Long-Term Budget

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This week, the German presidency of the Council reached an agreement with the European Parliament’s negotiators regarding the next multiannual financial framework.

Importantly, the framework includes the budget aimed at the Erasmus+ program.

The comprehensive financial package has an amount of €1 824.3 billion. It combines the next multiannual financial framework – €1 074.3 billion – and a €750 billion temporary recovery instrument, Next Generation EU.

Finally, the political package agreed with the Parliament includes:

  • a targeted reinforcement of EU programmes, including Horizon Europe, EU4Health and Erasmus+, by €15 billion through additional means (€12.5 billion) and reallocations (€2.5 billion) in the course of the next financial period, while respecting the expenditure ceilings set out in the European Council conclusions of 17-21 July;
  • more flexibility to allow the EU to respond to unforeseen needs;
  • greater involvement of the budgetary authority in the oversight of revenue under Next Generation EU;
  • higher ambition on biodiversity and strengthened monitoring of biodiversity, climate and gender related spending;
  • an indicative roadmap towards the introduction of new own resources.

At this moment, the deal will be submitted to the member states for endorsement.

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