The EU’s 2021-2027 long-term budget, together with NextGenerationEU, amounts to €1.8 trillion. This unprecedented response will help repair the economic and social damage caused by the coronavirus pandemic and aid the transition towards a modern, more sustainable Europe.

The package consists of the long-term budget (the 2021-2027 MFF multiannual financial framework) of €1.074 trillion, combined with the temporary recovery instrument NextGenerationEU of €750 billion.

It was adopted by the European Parliament on 16 December 2020.

MEPs negotiated major top-ups for EU flagship programmes like Health, Horizon (Research), Erasmus+ and supported also a roadmap introducing new sources of EU revenue. This roadmap is part of the ‘Interinstitutional Agreement’, a legally binding text. In addition to the contribution made as of 2021, based on how much unrecycled plastic a country has, the roadmap includes an ETS (Emissions Trading System)-based Own Resource (from 2023, possibly linked with a carbon border adjustment mechanism). It also includes a digital levy (from 2023) and a Financial Transaction Tax-based Own Resource, as well as a financial contribution that the corporate sector must make or a new common corporate tax base (from 2026).

Concerning the expenditure of NextGenerationEU funds, Parliament secured regular meetings between the three institutions to assess the implementation of funds made available on the legal basis of Art. 122. These exceptional funds, provided outside the regular budget to restart the economy heavily impacted by the pandemic, will be spent in a transparent manner and Parliament, together with Council, will check any deviation from previously agreed plans.

EU Multiannual Financial Framework 2021-2027

There have been five multiannual financial frameworks (MFFs) to date. The Treaty of Lisbon transformed the MFF from an interinstitutional agreement into a legally binding act.

Established for a period of at least five years, an MFF must ensure that the Union’s expenditure develops in an orderly manner and within the limits of its own resources, and sets out provisions with which the annual budget of the Union must comply, thus laying down the cornerstone of financial discipline.

EU Multiannual Financial Framework 2021-2027 - 8th Parliamentary term

Hearing of Maroš ŠEFČOVIČ 2023

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EU Multiannual Financial Framework 2021-2027

EU Multiannual Financial Framework 2021-2027 - 8th Parliamentary term

Hearing of Maroš ŠEFČOVIČ 2023

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