The multiannual financial framework (MFF) is the EU’s long-term spending plan. There have been six MFFs to date, including 2021-2027. The Treaty of Lisbon transformed the MFF from an interinstitutional agreement into a regulation. Established for a period of at least five years, an MFF is there to ensure that the EU’s expenditure develops in an orderly manner and within the limits of its own resources. It sets out provisions with which the annual budget of the EU must comply. The MFF Regulation sets expenditure ceilings for broad categories of spending called headings. After its initial proposals of 2 May 2018 and following the COVID-19 outbreak, on 27 May 2020 the Commission proposed a recovery plan (NextGenerationEU) that included revised proposals for the MFF 2021-2027 and own resources, and the setting up of a recovery instrument worth EUR 750 billion (in 2018 prices). The package was adopted on 16 December 2020 following interinstitutional negotiations. In the light of new developments, the MFF was revised in December 2022 and then again more substantially in February 2024. The European Commission presented its proposals for the 2028-2034 MFF on 16 July 2025. Source : © European Union, 2026 - EP Read more