EU Budget: Deal agreed for 2014

EU Budget copy

The agreement will see a budget of €142.6bn in commitments and €135.5bn in payments, and is €400m less than the amount requested by MEPs last month, but €500m more than had been initially called for by government leaders. It also equates to almost a 5 per cent drop in spending compared to the 2013 budget.

All EU departments, except for EU administration, will face budget cuts, with EU cohesion funding, including the structural fund grants offered to the EU’s most impoverished countries, set to witness the largest cuts totalling almost €7b. The websites adds:

“Member states will also cough up more money to allow the EU’s solidarity fund to pay out €400.5m in compensation to regions in Austria, the Czech Republic, Germany and Romania, which were affected by violent floods last spring.”

The agreement will now be presented before MEPs for approval at a plenary meeting of the European Parliament in Strasbourg next week.

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The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.

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