This framework will run for seven years, starting in 2028, and equip Europe with a long-term investment budget matching its ambitions to be an independent, prosperous, secure and thriving society and economy over the coming decade.
The Commission proposed a fundamental redesign of the EU budget, which will be more streamlined, flexible and impactful. It will significantly enhance the EU's capacity to deliver on core policies while addressing new and emerging priorities, an official release said.
The budget will continue to support people, business, member states, regions, partners and the EU's collective future, it noted.
The Commission has also proposed new own resources and adjustments to existing ones, which will ease pressure on national budgets, generating €58.5 billion per year.
Key features of the new MFF include simpler, more streamlined and harmonised EU financial programmes, so that citizens and companies can easily find and access funding opportunities.
The MFF will offer a powerful competitiveness boost for Europe to secure supply chains, scale-up innovation and lead the global race for clean and smart technology.
Transparency on and screening of the beneficiaries of the EU budget will be reinforced. Information on the recipients of EU funds will be published in a centralised database.
Stepping up investment in skills is fundamental to help EU students and workers embrace opportunities. A reinforced Erasmus+ programme will be the backbone of the Union of Skills, which aims at building skills for quality jobs, upskilling and reskilling. Erasmus+ is the EU's programme to support education, training, youth and sport.
A new European Competitiveness Fund, worth €409 billion, will invest in strategic technologies to benefit the entire single market. It will focus its support on four areas: clean transition and decarbonisation; digital transition; health, biotech, agriculture and bioeconomy; defence and space.
To simplify external action financing, a Global Europe, worth €200 billion for 2028-2034 will maximise impact on the ground and improve visibility of EU external action in partner countries.
ALCHEMPro News Desk (DS)
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