Council approves agreement on 2014 EU budget

The Council of the European Union has formally approved the agreement with the European Parliament on the 2014 EU budget. The agreement confirms the deal reached in the Conciliation Committee on 12 November.

The 2014 EU budget puts strong emphasis on priority areas such as growth, jobs and innovation while reflecting member states’ consolidation efforts at national level. Next year’s budget includes €6.3bn in payments and €9.3bn in commitments for Horizon 2020, and €900m in payments and €3.6bn in commitments to kick-start the Youth Employment Initiative.

Overall payments amount to €135.5bn, which is €8.9bn or 6.2% below the 2013 EU budget. Overall commitments have been set at €142.64bn, which is a decrease of €9.5bn or 6.2% compared to the 2013 EU budget. This leaves a margin of €711.39bn in payments (not including the funds for the special instruments), allowing the EU to cope with unforeseen events. The European Parliament is expected to approve next year’s EU budget tomorrow.

The 2014 EU budget is in line with the Multiannual Financial Framework (MFF) for 2014-2020, which has been approved by the European Parliament and expected to be formally adopted by the Council on 2 December. The next MFF provides for a reduction of the expenditure ceiling by 3.7% in payments and by 3.5% in commitments compared to the current 2007-2013 MFF.