Source: European Commission Press Corner
The European Commission welcomes the Council decision to adopt the next long-term EU budget for the period 2021-2027, which is the final step in the adoption process. With this decision, all the conditions have now been fulfilled for the next multiannual financial framework for 2021-2027 to be in place as of 1 January 2021. As a result, €1.074 trillion [in 2018 prices] will become available for beneficiaries of EU funding during the next seven years.
President Ursula von der Leyen said: “With NextGenerationEU and the new long term budget, we will be able to provide European people, businesses, regions and cities with the support they urgently need to recover from the coronavirus pandemic. Today is a day of hope for Europe! We will build a greener, more digital and more resilient Europe, ready for today's and tomorrow's challenges”.
European Commissioner Johannes Hahn in charge of the budget, who worked to facilitate the deal since the beginning of the mandate, said: “With the final step taken today for the adoption of the multiannual financial framework 2021-2027, we can start the implementation process. The EU-Commission will spare no effort to lead Europe´s recovery from 1 January onwards. For the first time we will also have a mechanism in place which will help us to protect even better the EU taxpayers money. Now quick delivery is key! It is therefore crucial to complete the remaining steps for the launch of NextGenerationEU. The unprecedented financial firepower of MFF/NGEU with a volume of €1.8 trillion will provide the necessary means for a sustainable recovery and Europe's green and digital transition.”
At the same time, work towards finalising NextGenerationEU, the temporary recovery instrument created to fuel Europe's recovery from the coronavirus crisis, continues. Once adopted, the package of a total of €1.8 trillion [in 2018 prices] will be the largest package ever financed through the EU budget.
With the combined firepower of the long-term budget and NextGenerationEU, the EU will support citizens, companies and regions most affected by the coronavirus crisis. The package will also help rebuild a post-COVID-19 Europe, which will be greener, more digital, more resilient and better fit for the current and forthcoming challenges.
The European Commission will be able to start committing the funds under the next multiannual financial framework as of 1 January 2021, following the adoption of the relevant sector-specific legislation as well as of the annual budget for 2021 by the European Parliament and the Council.
For the Commission to start borrowing under NextGenerationEU, thus making the instrument operational, the ratification of the new Own Resources Decision by all Member States in line with their constitutional requirements is still needed.
The Commission relies on the commitment of Member States to proceed as quickly as possible, in the interest of their citizens.
Background
The Commission put forward its proposal for the EU's next long-term budget on 2 May 2018. The framework proposal was immediately followed by legislative proposals for the 37 sectoral programmes (e.g. cohesion, agriculture, Erasmus, Horizon Europe, etc). Between 2018 and the beginning of 2020, the Commission worked hand in hand with the rotating Presidencies of the Council, and in close collaboration with the European Parliament, to take the negotiations forward.
On 27 May 2020, in response to the unprecedented crisis caused by the coronavirus, the European Commission proposed the temporary recovery instrument NextGenerationEU with a firepower of €750 billion,as well as targeted reinforcements to the long-term EU budget for 2021-2027.
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