EU: Commission To Unveil Multi-Trillion Euro Long-Term Budget Proposal ~17:00CET
At around 17:00CET (11:00ET, 16:00BST), European Commission President Ursula von der Leyen and Budget Commissioner Piotr Serafin are set to hold a press conference (live stream here) to unveil Commission proposals for the next Multiannual Financial Framework (MFF). The MFF is the long-term EU budget spanning 2028 to 2034. Politico reported late on 15 July that the central budget figure being targeted by the Commission is EUR1.717 trillion, which "would mean total spending would rise to 1.23 percent of gross national income for the seven years from 2028, compared with around 1.1 percent over the current period."
- The College of Commissioners meet before the press conference to give final approval. Serafin will also appear before the European Parliament's budget committee at 12:30CET (06:30ET, 11:30BST).
- The MFF process will continue over the next two years, and there is likely to be a significant amount of change from these initial proposals. EU Observer notes, "the parliament and member states will enter technical discussions and more intensive negotiations. But the specific figures and how funds will be allocated will only emerge at a later stage. Informal meetings among the commission, council, and MEPs may be used early on to align positions."
- Initial expectations are that VdL will look to propose “new own resources”, i.e. new 'EU taxes' to raise revenues. Such a proposal will prove controversial, with Sweden's European Affairs Minister Jessica Rosencrantz saying, “We don’t see a need for new own resources and definitely not European taxes."
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