| Author (Corporate) | European Commission: DG Communication |
|---|---|
| Series Title | Press Release |
| Series Details | IP/13/1096 (19.11.13) |
| Publication Date | 19/11/2013 |
| Content Type | News |
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On 19 November 2013 the European Parliament voted in favour of the EU's Multiannual Financial Framework (MFF) for the years 2014 to 2020. The consent of the EP cleared the way for the final approval by the Council of the European Union in the following weeks. Two and a half years of intense negotiations, since the European Commission had tabled its proposals on 29 June 2011, were seen to be coming to an end. The EU's Multiannual Financial Framework 2014-2020 would allow the European Union to invest up to €960bn in commitments and €908.4bn in payments. The multiannual financial framework (MFF) lays down the maximum annual amounts ('ceilings') which the EU may spend in different political fields ('headings') over a period of at least 5 years. The MFF being negotiated covered seven years: from 2014 to 2020. The MFF is not the budget of the EU for seven years. It provides a framework for financial programming and budgetary discipline by ensuring that EU spending is predictable and stays within the agreed limits. It also allows the EU to carry out common policies over a period that is long enough to make them effective. This long term vision was considered important important for potential beneficiaries of EU funds, co-financing authorities as well as national treasuries. |
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| Source Link | http://europa.eu/rapid/press-release_IP-13-1096_en.htm |
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| Subject Categories | Economic and Financial Affairs |
| Countries / Regions | Europe |
