The Financing of the EU’s Common Foreign and Security Policy: Solving the Conundrum

Abstract:

On 17th May 2006 the European Parliament voted for the agreement on the Financial Framework 2007-2013. The EU has decided that in that period a total of Euro 49.463 million will be spent on its external policy, which constitutes an average increase of 29%. This development is in line with public opinion, as according to the Eurobarometer the support amongst Europeans for an EU Common Foreign and Security Policy (CFSP) is remarkably high.

However, the new budget presents the EU and the Member States with several challenges: firstly, a lack of transparency in the allocation of funds; secondly, too little possibility for democratic control by the European Parliament; and finally, a still insufficient amount of funding.

One way to diminish these deficits would be the introduction of a CFSP Fund in 2009, out of which all EU missions would be financed. If it were established, this Fund ought to be subject to scrutiny by the European Parliament, as well as being equipped with adequate financial means.