The next European Union (EU) budget – covering the period 2028-2034 – may seem a long way off. In reality, the choices made in the coming weeks will determine whether or not the 27 member states can equip themselves with powerful financial tools to face the many challenges confronting them. Between now and July, the Commission must put on the table a proposal that will serve as a basis for negotiations between member states, and whose main principles should form the backbone of the EU's next multiannual financial framework (MFF).

On Tuesday, February 11, Commission President Ursula von der Leyen and the other 26 European commissioners held their first collegial discussion on the subject. Serious consideration is also being given to the issue in European capitals, as the MFF will ultimately have to be adopted unanimously by the 27 member states, at the end of what are traditionally long and stormy negotiations.

The current European budget represents around 1% of the Union's gross domestic product (GDP), an envelope of just over €1 trillion over seven years. It is, for the most part, financed by contributions from member states, with a third of the funds allocated to the Common Agricultural Policy, while another third is reserved for cohesion policies designed to help regions converge. The remainder is divided between the salaries of European civil servants, external aid and research.

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