The Members of the European Parliament (MEPs) in the Committee of Budgets have taken a significant step in enhancing the European Union’s budget for 2024 to address various pressing challenges. The decision, which followed a draft resolution adopted on Monday, highlights the need to confront the consequences of Russia’s aggression against Ukraine, support small and medium-sized enterprises (SMEs), empower youth, advance research initiatives, and strengthen the EU’s strategic autonomy.
The evolving geopolitical and economic landscape, exacerbated by climate and biodiversity crises, has necessitated a reassessment of policy priorities. MEPs acknowledge the limitations of the EU’s current financial framework and have aligned their position on the 2024 budget with the mid-term revision of the EU’s long-term budget (MFF), spanning the years 2024-2027. This alignment includes increased funding for the proposed “Strategic Technologies for Europe Platform” (STEP), entailing enhancements to the InvestEU guarantee, the European Innovation Council (EIC), the Innovation Fund, and the European Defence Fund. Furthermore, MEPs have allocated additional funds to humanitarian aid, migration, and external assistance, emphasizing the importance of revising the MFF regulation to provide a comprehensive framework for the 2024 budget.
MEPs have addressed the financial constraints imposed by some EU governments, reinstating appropriations for programmes that had been reduced by the Council in its negotiating stance. The total amount of €772 million was restored to the level of the original draft budget proposed by the Commission. Additionally, funding for programmes considered vital for addressing the repercussions of the Ukraine conflict and high energy prices, as well as facilitating post-pandemic recovery and advancing the green transition, has been bolstered.
Next Steps
The draft resolution adopted by the Committee on Budgets is just the beginning of the budgetary process. The entire Parliament will vote on the position on October 18, initiating three weeks of “conciliation” talks with the Council. The aim is to reach a deal between the two institutions, enabling next year’s budget to be voted on by Parliament and signed by its President before the end of the year.
Further information can be found on the European Parliament’s website.
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