Budget Commissioner Piotr Serafin described the plan as a ’modern, more flexible budget’ designed to meet Europe’s evolving needs.
The European Commission presented a proposal for the next Multiannual Financial Framework (MFF) on Wednesday, setting out a 2 trillion euro ($2.2 trillion) budget for 2028–2034, with a focus on defense and economic competitiveness.
EU Budget Commissioner Piotr Serafin said 300 billion euros ($330 billion) would go to agriculture, 218 billion euros ($239 billion) to less developed regions, and 451 billion euros ($496 billion) to a European Competitiveness fund.
He outlined a package to the European Parliament, describing the proposal as “a modern, more flexible budget ” and aimed at responding to Europe’s evolving priorities.
Shortly after, European Commission President Ursula von der Leyen said in a press conference that the bloc is “investing more in our capacity to respond and more in our independence.”
Serafin told MEPs the package reflects lessons learned from recent crises, including the COVID-19 pandemic and the war in Ukraine.
“The goal of this next MFF is a modern, more flexible budget that builds on past successes and responds to the challenges of today,” he told MEPs.
Three-Pillar Structure
The next EU budget (MFF) will focus on three main areas: helping member states through partnership plans, supporting businesses and beneficiaries with the Competitiveness Fund, and assisting external partners via Global Europe.
Serafin said that in national and regional partnership plans, 300 billion euros ($330 billion) will be earmarked for farmers, with an additional 2 billion euros ($2.2 billion) allocated for fishermen.
Less developed regions will receive 218 billion euros ($239 billion) to support cohesion and regional development.
Funds for borders and migration management will be tripled, with regions bordering Ukraine, Russia, and Belarus receiving a bonus in the allocation of funds to reflect their specific challenges, Serafin said.
The new budget also allocates 131 billion euros ($144 billion) to defence and space, a fivefold increase over the current level, Serafin told the European Parliament.
The draft budget’s third pillar combines all the instruments of foreign policy under Global Europe, allocating 200 billion euros to strengthen Europe’s external action and partnerships.
This includes up to 100 billion euros in off-budget commitments for Ukraine’s recovery and reconstruction.
