| Author (Corporate) | Council of the European Union |
|---|---|
| Series Title | Official Journal of the European Union |
| Series Details | 2024/765 |
| Publication Date | 29/02/2024 |
| Content Type | Blog & Commentary, Legislation, News, Policy-making |
Summary:Regulation (EU, Euratom) 2024/765 - adopted by the Council of the European Union 29 February 2024 - introducing amendments to Regulation (EU, Euratom) 2020/2093 laying down the Multiannual Financial Framework (MFF) for the years 2021 to 2027. Further information:Regulation (EU, Euratom) 2020/2093 - also known as the MFF Regulation - sets, for the designated period, the annual maximum amounts - also known as MFF ceilings - for EU expenditure as a whole and for the main categories of expenditure reflecting major policy areas - also known as MFF headings. As part of the overall political agreement on the MFF 2021-2027, the European Commission issued in December 2020 a declaration undertaking to present by January 2024 a review of the functioning of the MFF, which could be accompanied by relevant proposals for the revision of the MFF Regulation. In line with this commitment, and with the statement adopted together with European Union's (EU) annual budget for 2023, the European Commission adopted a Communication assessing the functioning of the MFF and whether the EU budget can continue to provide common means to address common challenges. This assessment concluded that, for the EU to deliver on all its objectives until the end of 2027, a targeted revision of the MFF 2021-2027 was necessary. The EU faced a number of challenges since 2020 when the MFF was subject to agreement by the Member States, including the COVID-19 (coronavirus) pandemic, Russia's invasion of Ukraine, the ensuing energy crisis and the related spike in inflation and interest rates. The Commission sought to act swiftly and use all means at its disposal to respond. The limited budgetary flexibilities embedded in the MFF were used almost until exhaustion, and redeployment possibilities reached their limits, hindering the EU's budget capacity to address other pressing challenges. The revision includes budgetary provisions for a dedicated Facility to support Ukraine up to 2027, an increased ceiling for Heading 4 on migration and border management, and an increased ceiling for Heading 6 in a context of geopolitical tension. The draft law was adopted by the European Commission on 20 June 2023 as part of the mid-term review of the Multiannual Financial Framework (MFF) for the period between 2021 and 2027. The Council of the European Union held a first discussion on the proposed amendments on 10 July, and a draft negotiating box was drawn up by the Council on 30 August to facilitate the discussions. The plenary of the European Parliament adopted an interim report comprising a position on 3 October. The European Council held a discussion on this matter during its summit in December 2023, but failed to reach an agreement. A political agreement among national leaders on the mid-term MFF review was eventually reached during a special European Council meeting on 1 February 2024, allowing for an informal agreement between the co-legislators on a compromise text for this file to be reached on 7 February. This was formally endorsed by the Parliament on 27 February and by the Council on 28 February. The Act was signed by the Council of the European Union on 29 February 2024 and published in the Official Journal on the same day. |
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| Source Link | Link to Main Source http://data.europa.eu/eli/reg/2024/765/oj |
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| Subject Categories | Economic and Financial Affairs |
| Subject Tags | EU Budget, Multiannual Financial Framework [MFF] |
| Keywords | MFF 2021-2027 |
| International Organisations | European Union [EU] |
