Author (Corporate) | European Commission: Press and Communication Service |
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Series Title | Press Release |
Series Details | IP/05/571 (17.5.05) |
Publication Date | 17/05/2005 |
Content Type | News |
The European Commission on 18 May 2005 approved a Preliminary Draft Amending Budget to include the 2004 surplus into the budget, reducing the contributions required by Member States for 2005. Only 1% of the EU budget remained unspent in 2004, setting a new record low for unused funding of €1,190 million. Thanks to improved implementation of the EU budget but also due to higher than expected revenue the total budgetary surplus for 2004 amounted to €2,737 million. This was the lowest level seen since 1997. The EU treaties do not allow for a budget deficit, and require the budget to be balanced each year. The annual surplus, which the Commission seeks to reduce to a minimum, is entered into the budget for the following year, reducing revenue required from Member States. |
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Source Link | http://europa.eu/rapid/pressReleasesAction.do?reference=IP/05/571&format=HTML&aged=0&language=EN&guiLanguage=en |
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Subject Categories | Economic and Financial Affairs |
Countries / Regions | Europe |