Bridging the Gap between Ambitions, Expectations and Capability: External Action in the EU’s Multiannual Financial Framework (2014-20)

The EU is a world player by virtue of its population and economic power. The Treaty of Lisbon introduced far-reaching changes in its external action, allowing it to become a more effective actor on the world stage. However, the financial instruments available for it to implement its external policies are very limited. Furthermore, the euro-zone crisis and its impact on the Union’s national budgets provide a major stimulus to consider the EU’s external action as an alternative to those of individual Member States. EU institutions and Member States are currently negotiating the multiannual financial framework for 2014-20 (MFF 2014-20). The outcome of the negotiations will have important implications for the Union’s external relations and for the role it can play on the global stage