| Author (Corporate) | European Commission |
|---|---|
| Series Title | COM |
| Series Details | (2016) 603 final (14.9.16) |
| Publication Date | 14/09/2016 |
| Content Type | Policy-making |
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The EU is facing a range of significant long-term challenges: strengthening Europe's economy and social fabric; ensuring security inside the EU and at its external borders; managing migration; and addressing the causes and consequences of climate change. Addressing these and other challenges requires comprehensive medium- to long-term policies and strategies, underpinned by adequate financial support at both European and national level. The Union's multiannual financial framework provides essential medium-term predictability for supporting investment in Europe's priorities. However, in the current context of multiple crises, it also needs to be able to adjust swiftly to changing priorities and unforeseen events and to deliver rapidly on the ground. The multiannual financial framework (MFF) for the years 2014-2020 was agreed in 2013 against the background of the financial and economic crisis and strained public finances in many Member States. Consequently, the MFF placed a strong emphasis on investing in areas of EU value-added to boost jobs and growth. The MFF also reinforced the link between the EU budget and essential administrative and structural reforms in the Member States by introducing strong conditionalities. It introduced a more performance-based approach to budgeting and simplified delivery mechanisms so as to deliver results quickly. Innovative techniques and instruments strengthened the EU budget's capacity to respond to new challenges and to leverage public and private funds. This Communication presents a mid-term review of the functioning of the MFF, taking account of the economic and wider context. It reviews the main aspects of implementation of the current MFF since 2014. This period has been characterised both by concerted efforts to promote economic recovery and the urgent imperative to respond to the refugee crisis and security threats. The Mid-Term Review is accompanied by the following legislative proposals: – A proposal for amending Council Regulation No 1311/2013 of 2 December 2013 laying down the multiannual financial framework for the years 2014-2020, and corresponding adjustment of the Interinstitutional Agreement on budgetary discipline, on cooperation and budgetary matters and on sound financial management; – A proposal for amending Decision No 2015/435 of 17 December 2014 on the mobilisation of the Contingency Margin; – A proposal to simplify financial rules under the Financial Regulation and relevant basic acts; – A proposal for amending the EFSI Regulation (2015/1017) with the purpose of extending the EFSI; – Under the External Investment Plan: a proposal for a Regulation on the European Fund for Sustainable Development (EFSD) and establishing the EFSD Guarantee and the EFSD Guarantee Fund; a proposal for a Regulation amending Regulation (EC, Euratom) No 480/2009 establishing a Guarantee Fund for external actions; and a proposal for a Decision amending Decision No 466/2014/EU granting an EU guarantee to the European Investment Bank against losses under financing operations supporting investment projects outside the Union; – Under the Telecommunications package: A proposal for a Regulation amending Regulations (EU) No 1316/2013 and (EU) No 283/2014 as regards the promotion of Internet connectivity in local communities. The accompanying Commission Staff Working Document further elaborates on all the aspects dealt with by this Communication. It also includes a medium-term payments forecast, which provides a forecast of payment needs until 2020, also taking into account the proposals accompanying this Review. |
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| Source Link | Link to Main Source http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=COM:2016:603:FIN |
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| Subject Categories | Economic and Financial Affairs |
| Countries / Regions | Europe |
