Press Release: Commission to reopen financial framework to fund energy and broadband projects

On 10 December, 2008 the European Commission proposed to revise the EU financial framework to source the €5 billion required by the Economic Recovery Plan for trans-European energy interconnections and broadband infrastructure investment. The money will help improve energy supply security and boost the number of faster internet connections in the EU-27. The proposal used part of the financial margins available in the EU budget under agriculture for 2008 and 2009 and shifted them to the budget heading for Competitiveness for Growth and Employment in 2009 and 2010. This meant using funds that would otherwise remain unspent, while staying within the overall ceiling of the EU budget. The proposal did not change the total amount set out in the 2007-2013 financial framework, nor did it compromise spending for agriculture. The next step is to reach an agreement with Council and European Parliament.