New Multiannual Financial Framework

The budget of the E.U. constitutes the main tool for the implementation and the development of the Union policies. The Financial Framework for the next seven years (2014-2020) has been decided at the European Council of February 2013. It provides that the ceiling for commitments will stand at 959 billion euros and the same for payments at 908 billion. The final outcome can be described as a fair compromise, given the widely diverging interests of the different member states.

Compared to the ones in force under the previous MFF, the agreed ceilings are considerably cut down, as are the sums that will be channeled to Greece. The share of each individual member state will be determined by the Commission in the near future.

A number of provisions of the new MFF have come under criticism by the European Parliament and will be negotiated between the E.P and the Council, before the former gives its consent for the final text to enter into force. This process is expected to be concluded by the end of June 2013.