The European Council, Commission and Parliament reached an agreement late Monday evening on the EU budget for 2020. Brussels will spend $ 153.4 billion next year, 3.4 percent more than this year. The European Union is earmarking, among other things, extra money for combating climate change, security and youth unemployment.
The 2020 budget is the last part of the current seven-year budget, which runs from 2014 to 2020. In terms of size, the budget is equal to 1 percent of the gross national income of the entire European Union, including the United Kingdom.
The budget states that around € 60 billion will go to support farmers, fisheries and biodiversity. 59 billion goes to reducing economic and social differences between European regions. Another 25 billion euros goes to research, education for young people and innovation within the EU. This includes the Erasmus + exchange program and the Galileo satellite navigation system.
"The budget will help to create jobs, tackle climate change and make room for investments in Europe. We also invest in young people and security," said Günther Oettinger, European Commissioner for Budget.
The next multiannual budget, the so-called Multiannual Financial Framework (MFF), is currently being negotiated. This runs from 2021 to 2027. The Commission wants the budget to grow to 1.11 percent of the EU's gross national income, but member states, including the Netherlands and Germany, disagree.
See also: More money back to Brussels or not? Seven questions about the EU budget