The EU multiannual financial framework (MFF) ensures for periods of 7 years each the financing of common programmes in all policy areas in Europe ranging from agriculture to research, from regional policy to foreign aid. With Brexit looming, the EU has to face a funding gap of around 15 billion euros per year for the next budgetary period 2021-2027. At the same time, it has to tackle new challenges such as migration, security and defence, the digital transition and climate change. Many Member States have already rejected both expenditure increase and cuts in agricultural and regional funds, as well as new criteria for the allocation of money linked to rule of law and refugees.
EU BUDGET
A new framework for funding the future of Europe
Virus-hit Italy faces political crisis over EU recovery plan
Italy is facing a fresh political crisis after weeks of turmoil in the coalition government came to head in a row over how to spend billions of euros in EU coronavirus recovery funds
Does Brexit free Europe to seek closer union?
British politicians often speak of Brexit as an opportunity to escape Brussels' shackles, but does the divorce also free Europe to go its own way and seek an 'ever closer union'?
Hungary, Poland veto EU budget decision
The two countries have blocked approval of the EU's long-term budget. The spending plans also include a €750-billion coronavirus rescue package.
Eurozone GDP up 12.7% in Q3, biggest quarterly rise
Eurozone output soared by 12.7 percent in the third quarter as the bloc bounced back from the depths of the coronavirus lockdown, according to the Eurostat statistics agency
Spain hopes to create 800,000 jobs with economic rescue plan
Spain's government has unveiled an EU-funded recovery plan aimed at creating over 800,000 new jobs and yanking the country out of its worst economic slump in decades
EU Commission plans 81 billion in loans for short-time work schemes
The European Union Commission has planned to pay out billions of euros as loans for workers affected by the corona virus pandemic, as part of the EU's recession recovery plan.