Agreement on EU budget for 2020 reached

The money will help create jobs, address climate change

Photo: EPA EU Commissioner for budget and human resources Guenther Oettinger

The three EU institutions on Monday agreed on the EU's budget for 2020, the European Commission's Press service reported. Gunther H. Oettinger, Commissioner for Budget and Human Resources, pointed out that the 2020 EU budget will help create jobs, address climate change, and leverage investments all over Europe.

It will invest in young people and in making Europe more secure. Next year's budget will also prepare the transition to the next budgetary cycle as it will be the seventh and last one under the current 2014-2020 long-term budgetary cycle.

The 2020 EU budget is set at €168.69bn in commitments (money that can be agreed in contracts in a given year) and €153.57bn in payment credits (money that will be paid out).

The agreement is based on the premise that the United Kingdom, following its withdrawal from the European Union by 31 January 2020 at the latest, will continue to contribute to and participate in the implementation of the EU budget until the end of 2020 as if it were a Member State.

The Parliament and the Council now have 14 days to formally approve the agreement reached. The Council is expected to endorse it on 25 November. The vote in the European Parliament is scheduled for 27 November.

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