The European Council on 8 February 2013 reached agreement on the next multiannual financial framework (MFF), which defines the budgetary priorities of the EU for the years 2014-2020.
In line with the consolidation efforts in the Member States, EU leaders agreed to cut, compared to the current MFF 2007-2013, the financial resources which the EU may mobilise. However, in order to enhance growth and jobs, funds for research, innovation and education have been increased. Leaders also agreed on a new initiative dedicated to tackling the pressing challenge of youth unemployment.
For the new MFF to enter into force in January 2014 a final agreement with the European Parliament has yet to be reached.