EU budget changes to help SMEs access funding

The European Commission has proposed technical adjustments to the EU’s 2014 budget to reflect the latest decisions on the new EU expenditure programmes.

A total of €42.5m is expected to be transferred from the Competitiveness of Enterprises and Small and Medium-sized Enterprises (COSME) and Horizon 2020 programmes to the European Investment Fund to help increase SME access to EU money. Two new budgetary lines were created for Horizon 2020 to reflect the different research actions financed through this programme.

The amendments also include the creation of a budget structure for Shift2Rail, a new Joint Undertaking aiming to foster the competitiveness of the rail network infrastructure and products. Administrative expenditure totalling €0.48m will be offset by a transfer from Horizon 2020, whilst €52m is foreseen for actions supported by Shift2Rail, which would be financed from Horizon 2020 until the initiative becomes fully operational.

The changes do not affect the overall amount of this year’s EU budget, currently set at €142.6m in current prices. The adjustments, however, will need to be formally approved by the EU’s budgetary authority, comprising the European Parliament and the Council of the European Union.