EU BUDGET

A new framework for funding the future of Europe
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.
European Commission President Ursula von der Leyen speaks during a plenary session of the European Parliament in Brussels on May 27, 2020, amid the crisis linked with the Covid-19 pandemic caused by the novel coronavirus. Photo: Kenzo Tribouillard / AFP
European Commission President Ursula von […]

EU hopes to heal rifts in debate on post-virus plan

Europe's scattergun approach to the coronavirus epidemic has called into question the EU's ability to rise to the challenge, but Brussels hopes its economic recovery plan will mark a turning point
European Commission President Ursula von der Leyen speaks during a plenary session of the European Parliament in Brussels on May 27, 2020, amid the Covid-19 pandemic caused by the novel coronavirus. Photo: Kenzo Tribouillard / AFP
European Commission President Ursula von […]

Battle ahead for EU’s 750-bn-euro recovery plan

European Union chief Ursula von der Leyen has proposed a 750-billion-euro post-virus recovery fund for Europe and urged sceptical member states to back it.
German Chancellor Angela Merkel arrives to address a joint press conference with French President Emmanuel Macron, who attends via video link, at the Chancellery in Berlin, Germany, on May 18, 2020 on the effects of the novel coronavirus COVID-19 pandemic. (Photo by Kay NIETFELD / POOL / AFP)
German Chancellor Angela Merkel arrives […]

French-German recovery plan faces tough Brussels test

The road to clinch an EU recovery plan remains difficult, officials have warned, despite the surprise entente between Berlin and Paris to back a 500 billion euro rescue
A person wearing a protective face mask walks by the EU Commission building bearing a banner that reads "Coronavirus Global Response" in Brussels on May 6, 2020, as the country is under lockdown to stop the spread of the Covid-19 pandemic caused by the novel coronavirus. (Photo by Kenzo TRIBOUILLARD / POOL / AFP)
A person wearing a protective face mask […]

Europe’s ‘historic’ recession threatens eurozone survival

The EU has forecast that the eurozone economy will contract by a staggering 7.7 percent in 2020, warning the wreckage from the coronavirus outbreak could endanger the single currency
A Euro currency sculpture, part of a lifesize Game of the Goose set up in the courtyard of the Economy and Finance Ministry in Paris, on September 18, 2016. Photo: Jacques Demarthon / AFP
A Euro currency sculpture, part of a lif […]

Brexit punches 12-bln-euro hole in EU finances

When Britain leaves the EU at midnight on Friday the bloc will lose the second-biggest net contributor to its budget, leaving a 12-billion-euro ($13-billion) hole in its finances
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