On 16 July 2025, the European Commission adopted a proposal for a multiannual financial framework (MFF) regulation for 2028 to 2034, together with a proposal for an interinstitutional agreement between the European Parliament, the Council and the Commission (IIA), which would set the provisions governing cooperation on the budget. These texts define spending priorities and expenditure ceilings and set budgetary rules for 2028 to 2034. The Commission proposes a budget of €1.76 trillion (2025 prices) or 1.26 % of the EU's gross national income (GNI). This includes €149.3 billion (0.11 % EU GNI) for repayment of the Next Generation EU debt. It proposes a shift in spending priorities, from traditional policies such as the common agricultural policy or cohesion towards competitiveness, security and defence. It drastically changes the budgetary structure, motivated by an intention to increase flexibility in EU funding. Parliament's MFF co-rapporteurs' (Siegfried Mureșan (EPP, Romania) and Carla Tavares (S&D, Portugal)) draft interim report demands a €1.93 trillion budget (1.38 % of EU GNI), a 10 % increase compared to the Commission proposal. Excluding the €149.3 billion for the repayment of NGEU-related debt, which should be treated separately from EU programme funding, would leave €1.78 trillion (1.27 % of EU GNI) for financing EU policies. Parliament is set to analyse the proposed structure and governance to ensure full democratic scrutiny and transparency of EU spending and Parliament's full involvement in budgetary decisions. It intends to adopt an interim report in May 2026, which will serve as its negotiating position for the Article 312 TFEU consent procedure. Source : © European Union, 2026 - EP Read more