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For the first time ever, the European Parliament and the Council have agreed to revise the ceilings of the EU's multiannual financial framework. The agreement affects the remaining years of the current financial period: 2024 to 2027. The European Parliament had demanded a revision to enable the EU to rise to its challenges effectively. At the special European Council meeting on 1 February 2024, the EU Heads of State or Government reached a highly anticipated decision on the revision following the ...

Having failed to agree on the revision of the EU's 2021-2027 budget at the December European Council meeting, Member States will attempt to break the impasse at an extraordinary meeting on 1 February 2024.

The European Union has been the biggest provider of external assistance to the Palestinian people for many years. Between 2014 and 2020, the EU allocated €2.2 billion in bilateral assistance to the Palestinians. EU assistance to the Palestinians through the European Joint Strategy 2021-2024 amounts, indicatively, to €1.18 billion. EU financial assistance to Palestine* consists of different financial tools. The largest part of the assistance falls under the Neighbourhood, Development and International ...

On 20 June 2023, the Commission made a proposal for a revision of the EU's long-term budget, to urgently address shortcomings and provide further financial support to Ukraine. Overall, the Committee on Budgets (BUDG) supports the revision in its interim report, pending the formal request from the Council, which has yet to agree its position, for consent to the revision. But BUDG says that an additional €10 billion, on top of the €65.8 billion proposed by the Commission, is needed to address the challenges ...

The EU's long-term budget for 2021 to 2027 was set at €1.1 trillion, together with a specific instrument to support the EU's recovery from the pandemic, Next Generation EU (NGEU), providing €750 billion (2018 prices). Since 2021, the EU budget has already mobilised significant additional resources to cope with the pandemic and its impact, providing direct support totalling €70 billion to help EU citizens and enterprises, and countries outside the EU, cope with the COVID 19 crisis. In 2022, Russia's ...

New financing needs, not foreseen when the EU's long-term budget for 2021 to 2027 was finalised, have arisen in recent months, reflecting multiple crises. From the very outset, in 2021, implementation of the EU's 2021-2027 budget faced challenging circumstances, with the pandemic and its consequences. In response, the EU and its Member States mobilised €3.7 trillion overall, with the EU budget providing direct support of €70 billion to help EU citizens and enterprises, and countries outside the EU ...

During May, the European Parliament is expected to vote in plenary on granting discharge for the 2021 financial year to the different EU institutions, bodies and agencies. First on the agenda for the debate and vote on the 2021 discharge is the report covering the European Commission. The Commission manages more than 95 % of the EU budget. For the first time, the discharge will apply to the Recovery and Resilience Facility (RRF). Separate discharge is granted to the Commission concerning seven executive ...

Offering an overview of the economic and budgetary situation in the European Union and beyond, and summarising the main economic indicators in the EU and euro area and their two-year trends, this study is the seventh in an annual series of 'Outlooks' produced by the European Parliamentary Research Service (EPRS). In seven chapters, the authors of the publication explain and analyse the annual EU budget and give an overview of its headings for 2023, all within the wider budgetary context of the EU's ...

In December 2021, the European Commission presented a proposal for an amendment of Regulation 2020/2093 on the multiannual financial framework (MFF) for the years 2021 to 2027. The proposed targeted revision has the following purposes: a) to raise the MFF ceilings to incorporate the social climate fund; and b) to introduce an automatic annual adjustment of the MFF ceilings based on new own resources, to allow for the repayment of Next Generation EU borrowing. On 31 August, the Committee on Budgets ...

During its May I plenary session, the European Parliament is due to vote on whether to grant discharge for the 2020 financial year to the EU's various institutions and bodies. First in line is the report on the European Commission and six executive agencies, responsible for the bulk of EU budget spending. Separate discharge is granted for management of the European development funds (EDFs). Parliament's Committee on Budgetary Control (CONT) recommends that Parliament grant the Commission and all ...