Recovery of the economy, ‘green’ transition… The EU approves its budgets

Update Post: November 30, 2023 6:19 pm

Date: November 20, 2023 Time: 19:18:18

The Council of the European Union gave the green light this Monday to the annual budget of the European Union for the year 2024, based on a joint text that was agreed in negotiations with the European Parliament. Total commitments were set at 188,385 million euros and total payments at 142,630 million.

Commitments are legally binding promises to spend money on activities implemented over several years. Payments on the other hand cover expenses arising from commitments made during the current year or previous years.

It must go through the European Parliament

The final approval of the budget will be declared by the European Parliament once the plenary session has also approved the joint text that was agreed on last November 11.

The co-legislators have a period of 14 days to endorse it. The budget remains available €360 million within the spending limits of the current multiannual financial framework for 2021-2027, which will allow the EU to react to unforeseen needs.

Next year’s budget reflects the EU’s main priorities, including economic recovery and the green and digital transitions, in order to react to the current difficult geopolitical context.

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November 20, 2023 1:18 pm