One trillion euro to invested in Europe

The European Parliament has voted in favour of the EU’s Multiannual Financial Framework (MFF) for the years 2014 to 2020. The consent of the Parliament clears the way for the final approval by the Council in the coming weeks.

European Commission President José Manuel Barroso welcomed today’s vote: “The EU will invest almost €1 trillion in growth and jobs between 2014 and 2020. The EU’s budget is modest in size compared to national wealth. But one single year’s budget represents more money – in today’s prices – than the whole Marshall plan in its time. Our modern, future-oriented budget can make a real difference to people’s lives. It will help to strengthen and sustain the recovery underway across the EU. There is funding so we can build our way out of the crisis, financial support for those below the poverty line or looking for a job, investment opportunities for small companies, and assistance for local communities, farmers, researchers and students.”

The MFF 2014-2020 allows the European Union to invest up to €960bnin commitments (1.00% EU GNI) and €908.4bn in payments (0.95% EU GNI). The EU’s budget framework 2014-2020 defines spending priorities that are geared to sustainable growth, jobs and competitiveness in line with the EU’s growth strategy Europe 2020.

Horizon 2020 is now expected to see €80bn in funding in today’s prices, around 30% more than in the current framework in real terms. The Marie Skłodowska-Curie Actions will receive more than €6bn, 30% more than current levels, allowing the EU to support more than 65,000 researchers. The European Institute of Innovation and Technology will receive €2.7bn to enhance links between higher education, research and business, and to support entrepreneurial start-ups and specialised post-graduate training.