|Author (Person)||Zuleeg, Fabian|
|Publisher||European Policy Centre|
|Series Title||EPC Commentary|
|Series Details||February 2013|
|Publication Date||February 2013|
|Content Type||Journal | Series | Blog|
Following the traditional overnight negotiation marathon, EU leaders finally agreed the next EU Multiannual Financial Framework (MFF) for 2014-2020 at the end of last week. After the expected failure to reach agreement last November, this time round most commentators expected a deal, involving further cuts to assuage the net payers, especially Germany and the UK.
In the end, the deal involves an upper limit of commitments of 1.0% of EU GNI (Gross National Income), with payments expected to be 0.95% of EU GNI, equivalent to 908 billion Euros. These are reductions compared to the current MFF of 3.5% and 3.7% respectively, despite the increased responsibilities at EU level, raising the open question of whether all EU policy ambitions can be met through this budget. However, there will be a review after two years (2016) to determine whether this ‘austerity’ budget needs to be adjusted in light of economic circumstances.
|Subject Categories||Economic and Financial Affairs|
|Countries / Regions||Europe|