19 Nov EU's budget framework 2014-2020 approved by the European Parliament

The European Parliament voted today in favour of the EU’s Multiannual Financial Framework (MFF) for the years 2014 to 2020, clearing the way for the final approval by
the Council during the assembly “competitivity” next 2 December, without any discussion.
The approval of today closes 2 years and a half of intense negotiations since the Commission had tabled its proposals on 29 June 2011.
The overall budget for the next seven years is €960 billion in commitments and €908 billion in payments (at 2011 prices). The EU’s budget framework defines spending
priorities that are geared to sustainable growth, jobs and competitiveness in line with the EU’s growth strategy Europe 2020.
Some remarkable news regard full flexibility to move unpaid funds (payment appropriations) between years and wide flexibility for commitments, both between years and
between categories of expenditure. This flexibility is needed to ensure that every EU budget euro is used where it is most needed, especially now that annual budgets
will decrease.
Moreover another key achievement for Parliament was to insert a “revision clause”, which will require the European Commission to present a review of the functioning of
the EU’s long-run budget (MFF) in 2016, taking full account of the economic situation at the time.
Have a look at the press release on the european Parliament website (here).