MFF agreed by EU leaders

On 8 February 2013 the European Council reached agreement on the next multiannual financial framework (MFF), which lays down the EU's budgetary priorities for the years 2014-2020.

© European Union 2013

In line with fiscal consolidation efforts in the member states, EU leaders agreed to cut the financial resources available to the EU from the level of the current MFF 2007-2013. However, in order to enhance growth and jobs, funds for research, innovation and education have been increased. Leaders also agreed on a new initiative designed to tackle the pressing challenge of youth unemployment.

This agreement, as European Council President Van Rompuy emphasised at a press conference following the meeting, shows "a sense of collective responsibility" by European leaders.

While stressing that this was "a budget of moderation," President Van Rompuy insisted that it was not just any budget, but "a budget for the future".

Final agreement with the European Parliament is still needed for the new MFF to enter into force in January 2014 , and the approximately 75 legislative acts covered by the MFF package have yet to be formally adopted.