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Political agreement for the EU 2014 budged reached

After 16 hours of negotiations, the European Parliament and the Council of the European Union finally managed to reach a political agreement on the EU budget for 2014. The Compromise of the Council and the European Parliament must now be formally adopted to step into force. Political agreement on the 2014 budget is also a big step forward for the adoption of the Multiannual Financial Framework 2014 – 2020.

The Agreement foresees EUR 142.6 billion in commitments and EUR 135.5 billion in payments, which represents a realistic compromise between the European Parliament and the EU Council under the chairmanship of Lithuania. The European Parliament otherwise advocated a higher budget, in the sum of EUR 143.1 billion in commitments and EUR 136.4 billion in payments. Council of the EU, on the other hand wanted a lower budged, at EUR 142.2 billion in commitments and EUR 135 billion in payments. This agreement is also very close to a proposal submitted by the European Commission (EUR 142.6 billion in commitments and EUR 136.1 billion in payments).

The deal also includes an agreement on the various amendments relating to the budget for 2013, including amendment no. 8, which amounts to 3.9 billion for cohesion policies and amendment no. 9, releasing 400 million of assets to repay the damage in regions that have been devastated by floods last spring.

The agreement allocates the funds as depicted bellow


Source: Eurapid


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