The EU's contested 2014-2020 budget cleared a final hurdle Tuesday when it was approved by the European Parliament after months of bitter debate between EU institutions over planned spending cuts. The first-ever trimmed long-term budget was approved by a large majority of 682 MEPs, including the conservatives and the socialists. The Greens and the radical left voted against.
Known as the Multi-annual Financial Framework (MFF), the European Union budget provides for 908 billion euros in payments against 960 billion euros in funding commitments, 3.7 percent and 3.5 percent less respectively than in the previous 2007-2013 budget. The last step for the seven-year blueprint, which sets out the 28-nation bloc's spending priorities according to economic and political targets, will be formal approval in the next days by EU states.
Tuesday's vote marked the end of long bickering that saw the budget go back and forth between austerity-minded governments on the one hand, and the EU's executive European Commission and MEPs, on the other, who wanted more funds to boost growth and jobs. European Parliament President Martin Schulz, a German Socialist, welcomed the vote, saying it would allow EU funds to flow on time from January 1.
"It means much needed EU funds can be invested into programmes ranging from combating youth unemployment, support for less-well off regions in the EU via the structural funds, to much needed funding in research and development and support for agriculture." But he reiterated that "the amounts available from the MFF are far from perfect" regretting the "higher amounts" touted by the parliament and the commission that "would have boosted a job-rich recovery".
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