European Parliament adopts 2020 EU budget

Portfolio
After a formal approval of next year's European Union budget by the Council on Monday, the European Parliament has approved the budget on Wednesday, by which MEPs have secured better support to protect the climate, boost research, infrastructure investments and help the young. The EU budget for 2020 is now adopted.
GettyImages-180405277európaiuniózászlóeurpóaiparlament

MEPs approved the 2020 EU budget by 543 votes to 136, with 23 abstentions. It was then signed into law by EP President David Sassoli.

Parliament has obtained altogether an additional EUR 850 million for its priorities.

  • - Over half a billion euros more are ear-marked for climate-related expenditure;
  • - Plus EUR 302 million for research projects;
  • - Plus EUR 133 million for network infrastructure investments (Connecting Europe Facility)
  • - Plus EUR 50 million for Erasmus+ and plus 28.3 million for the Youth Employment Initiative (with an additional EUR 50 million to be added in 2020 if necessary);

On 25 November, the Council approved the deal reached with the European Parliament on 18 November on the 2020 EU budget. 

Next year's budget will continue to support growth and the competitiveness of the European economy, as well as other EU priorities, such as security and the management of migration.

21% of the budget will go towards measures aimed at addressing climate change.

This has been achieved through increases for climate-related actions in several areas such as research and development, transport and energy infrastructure, and the EU's external action.

Total commitments are set at EUR 168.7 billion. This is an increase of 1.5% compared to the 2019 budget as amended. EUR 1.5 billion have been kept available under the expenditure ceilings of the multiannual financial framework for 2014-2020, allowing the EU to react to unforeseeable needs.

Total payments amount to EUR 153.6 billion, rising 3.4% from 2019. This increase reflects the continuing implementation of the 2014-2020 programmes at full speed.

This article is part of the work programme titled "The impacts of EU cohesion policy in Hungary - Present and Future" which is carried out by Net Média Zrt., the publisher of Portfolio.hu, between 1st April 2019 and 31st March 2020 with European Union financing. The views in this article solely reflect the opinions of the author. The European Commission as the funding entity does not take any responsibility for the use of information presented in this article.

More in EU funds