|Author (Corporate)||Council of the European Union|
|Series Title||Official Journal of the European Union|
|Series Details||L 433I, Pages 11-22|
|Content Type||Legislation, Policy-making|
Regulation (EU, Euratom) 2020/2093 - formally adopted by the Council of the European Union on 17 December 2020 - laying down the European Union's Multiannual Financial Framework (MFF) for the period 2021-2027.
The MFF Regulation sets, for the designated period, the annual maximum amounts - also known as MFF ceilings - for EU expenditure as a whole and for the main categories of expenditure reflecting major policy areas - also known as MFF headings. This Regulation was adopted under a special legislative procedure, with the Council of the European Union acting unanimously after obtaining the consent of the European Parliament.
For the 2021-2027 period, the MFF sets a maximum level of spending of €1,074 trillion (all amounts in 2018 prices), covering seven major areas. The draft laws related to this Regulation were tabled by the European Commission on 2 May 2018, alongside a Communication setting out the overall vision for the MFF 2021-2027. Investment needs and overall size of the framework were later revised as a result of the COVID-19 (coronavirus) pandemic - a new Communication reflecting these changes and the overall recovery strategy was published on 27 May 2020. The original draft MFF Regulation was also amended accordingly.
A political agreement on the terms of the MFF Regulation was reached at a European Council meeting in July 2020. The European Parliament later threatened not to provide consent to the agreed terms for the MFF 2021-2027. Negotiations between the co-legislators on the MFF were successfully concluded on 10 November. The Parliament gave its consent to the proposed Regulation on 16 December, which was followed by the unanimous adoption by the Council of the European Union on the following day. The Act was published in the Official Journal on 22 December 2020.
|Subject Categories||Economic and Financial Affairs|
|Subject Tags||EU Budget, Multiannual Financial Framework [MFF]|
|International Organisations||European Union [EU]|