European Council Meeting: the new EU budget (2021-2027)

belgium, brussels, european commission

On July 21st, the European Council reached a final agreement on the next EU budget (2021-2027) and the new recovery plan for COVID, named Next Generation EU (NGEU). While both deals are unprecedented as they mark the first time in history the European Commission will borrow from capital markets, they also highlight perennial challenges to a necessary integrated European Green Deal delivery.

The overall European Council approved budget amounts to €1824,3 billion. It combines a €1074 billion European Union ‘regular’ budget (the 9th Multiannual Financial Framework (MFF)), and a top-up of €750 billion to recover and leverage an European economy devastated by COVID-19.

Distribution of the approved package
Fig. Distribution of the approved package: NGEU and MFF.

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