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
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
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.
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
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
EU budget summit ends with no deal
An EU summit called to set the bloc's next seven-year budget has ended in impasse, riven by competing groups and pressure to fill a funding gap left by Brexit
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