EU and European Parliament Reach Agreement on 2027 Budget

The EU Council and the European Parliament have reached an agreement on the EU's annual budget for 2027, proposing a total allocation of €211.5 billion. This budget will ensure the implementation of established policies and projects, and enhance the ability to respond to ongoing crises and sudden challenges, such as the situations in Ukraine and the Middle East. According to relevant procedures, the European Parliament and the EU Council must formally approve the agreement within 14 days. The year 2027 marks the final year of the EU's multiannual financial framework for 2021-2027. The EU is currently negotiating a new multiannual financial framework for 2028-2034, proposing a long-term budget plan of nearly €2 trillion, focusing on supporting areas such as security, defense, and competitiveness, but member states still have differences on the total budget size and fund allocation.

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