EU Reveals Proposed 2-Trillion Euro Budget
The European Union (EU) has presented a proposed budget of approximately €1.8 trillion to €2 trillion for the period 2028-2034, aiming to bolster competitiveness, innovation, and sustainability while addressing internal and external challenges. The budget, officially known as the multi-annual financial framework (MFF), outlines the bloc's policy priorities for the coming years and how much money is allocated to different areas.
The proposed budget, presented by EU budget commissioner Piotr Serafin in Brussels on Wednesday, is an increase of €800 billion from the current budget of €1.2 trillion. It is designed to enhance EU competitiveness, innovation, and global leadership while addressing internal social and environmental challenges.
The budget proposal includes a balanced package of new own resources to ensure adequate funding for EU priorities while minimizing the pressure on national public finances. It aims to equip Europe with the financial means to achieve its ambitions, focusing on sustainability and strategic independence without overburdening national treasuries.
The largest tranche of money, €865 billion, is allocated to a national and regional partnership fund. The funds will be used for targeted investments and reforms at the local level, contributing to economic, social, and territorial cohesion.
Part of the budget will focus on building resilience and preparedness for new challenges, which includes security and defense. The budget also aims to support climate and environmental objectives, though specific targets for sectors like clean tech are not detailed.
While digital regulation is not explicitly mentioned in the available sources, digital competitence and innovation are likely part of broader efforts to secure supply chains and scale up innovation in clean and smart technologies.
The budget is aimed at confronting challenges such as migration, digital regulation, overseas competition, and Russian aggression. However, groups like EURORDIS and CAN Europe have expressed concerns that the budget falls short in areas such as health and environmental protection. EURORDIS noted the absence of a standalone health program, while CAN Europe emphasized the need for more robust climate and biodiversity commitments.
The draft budget does not mention any changes to the subsidies for farmers, contrary to the earlier statement about around €300 billion being allocated for supporting farmers. The negotiations are expected to be lengthy and contentious as the draft budget serves as the basis for negotiations between the EU Commission, the EU Parliament, and member states.
The proposed budget was presented on a microblogging platform called BlueSky, and it is described by the Commission President, Ursula von der Leyen, as a budget for a new era that matches Europe's ambition, addresses Europe's challenges, and strengthens Europe's independence. The budget proposal is intended to secure Europe's place as a global leader in innovation, technology, and sustainability.
[1] European Commission (2023). Proposed EU Budget for 2028-2034 [online]. Available at:
- The proposed EU budget, aiming to bolster EU competitiveness and global leadership, is designed to address challenges such as migration, digital regulation, overseas competition, and Russian aggression, as noted by Commission President Ursula von der Leyen.
- The European Parliament, in their evaluation of the EU budget proposal, expressed concern about the budget falling short in areas like health and environmental protection, with EURORDIS emphasizing the absence of a standalone health program and CAN Europe highlighting the need for more robust climate and biodiversity commitments.
- In the proposed budget, €865 billion is allocated to a national and regional partnership fund, which will be used for targeted investments and reforms at the local level, contributing to business growth and general news in the form of economic, social, and territorial cohesion.
