July/August 2017

Did you Know?

The European Union allocates its budget to address matters that are considered important to its citizens (Future of EU finances).

EDC News: The Future of EU Finances

With barriers, such as, lack of finances and justifying the purpose of its existence, the EU needed to reassess the way it allocated its budget and establish funding sources. This, consequently, led to a debate on the evolution of EU finances, whereby five reform scenarios were proposed. It seems however, that none of these scenarios conclusively fits the agenda of the EU. Hence, during the EU ambassadors’ conference [9/8/2017], President Jean-Claude Junker stated that an alternative scenario would, probably, be a combination of key elements from the current five scenarios. The formulation of an optimal scenario will need to address fundamental EU finance reform principles as stated in the proposal for a new financial regulation. By establishing the optimal scenario, the EU can then progress with the development of the next Multiannual Financial Framework (MFF) 2021.

For more information:

• White paper on the future of Europe, European Commission

• Reflection paper on the future of EU finances: Facts and Figures and Five scenarios and Implications, European Commission

• Future financing of the EU – Final report and recommendation of the EU High Level Group on Own Resources

• The European Union’s Road Map for Financial Reform, Directorate-General for the Internal Market and services

• The Multiannual Financial Framework(MFF) post-2020: Balancing political ambition and realism, MFF explained and MFF figures & documents

• Mid-term review/revision of the multiannual financial framework 2014-2020 – An EU budget focused on results (SWD(2016) 299 final, COM(2016) 603 final), Background notes on MFF: after the period of 2020 and Briefing

• Financial rules applicable to the general budget of the Union: simplification (Procedure 2016/0282(COD)), Reform of EU financial rules and Financial reforms and their progress

• European Commission Regional policy – An EU budget fit for tomorrow: Commission opens debate on future of EU finances

• EU Publications:

  • European Union public finance

  • Multiannual Financial Framework 2014 – 2020 and the EU Budget 2014

• Directorate General Budget Publications (includes Financial regulation applicable to the general budget of the Union and its rules of application)

• Press Release:

  • The future of EU finances: High Level Group presents proposals to simplify access to EU funds

  • An EU budget fit for tomorrow: Commission opens debate on future of EU finances