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Money        

The EU's long-term budget sets out how much will be spent on which policies, from farming to research, support for poorer regions and relations with countries outside the EU. A proposal for the 2014-2020 budget was approved by the Parliament on 19 November 2013. Read on for an overview of the budget negotiations between the Parliament and the member states as well as a lot more on the budget itself.

Marco picture of a Euro coin - illustration        
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After months of complex negotiations, Parliament gave its blessing to the EU’s long-term budget for 2014-2020 on Tuesday. All the conditions set out in its July resolution – which followed a political agreement at the highest levels between Parliament, the Irish Presidency and the Commission were met. The overall budget for the next seven years is €960 billion in commitments and €908 billion in payments (at 2011 prices).

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The European Parliament approved the EU’s budget for 2014 on Wednesday. This budget is the result of the deal struck with the Council in last week’s negotiations. For payments €500 million were added to the 2014 budget, bringing the total compared to the initial Council position to €135.5 billion. Commitments were set at €142.6 billion, which is in line with the Commission’s budget proposal.

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Farm in agricultural area  - illustration        
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A deal with the Council on five legislative acts reforming EU farm policy was endorsed by Parliament on Wednesday. The post-2013 Common agricultural policy (CAP) will put more emphasis on environmental protection, ensure fairer distribution of EU funds and help farmers to cope better with market challenges.

Cohesion Fund project        
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Key rules and regulations for implementing EU cohesion policy in 2014-2020 were endorsed by Parliament on Wednesday. In a compromise deal struck with the Council after more than a year of tough negotiations, MEPs secured substantial funding for EU regions to invest in their development projects, on terms fairer to them. They also pruned back the bureaucracy needed to apply for this funding, which is sorely needed in this time of economic crisis.

Infographic on the EU's long-term budget        

Doing more with less: the agreement for the EU's budget for 2014-2020, which was approved by MEPs on 19 November, will for the first time see funding decline compared to the previous long-term budget. However, this does not mean that the EU will be any less ambitious. In talks with the Council and the Commission EP negotiators have pushed hard to ensure the best use of each available euro. For more about how the money will be invested, check out our infographic.

Left-click on a header to get more information and right-click to go one step back back. Click on the rectangles to link to specific priorities. Absolute figures are in million euros.        

Europe will not see any substantial growth without serious investment in research and innovation. The EU will do its part by investing €70.2 billion as part of Horizon 2020, its special programme to support research and innovation. Its share of the EU's budget has gone up from 5% for the previous seven-year budget to just over 7% for the upcoming one. Check out our chart to learn more about how the money will be spent.

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Find out more about how the EU budget is invested        

The EU's budget for 2014-2020 recently received the backing from the European Parliament after MEPs had worked hard to ensure every euro will be spent wisely. Check out our interactive infographic for examples of how investments by the EU benefit people and businesses alike.

Interview with Alain Lamassoure        

It was a budget deal that was long in the making, but the effort has been worth it. On 14 November, the EP's budget committee approved deals struck with member states on the EU budget for next year and the coming seven years, also known as the multiannual financial framework. The Parliament succeeded in its push to ensure more flexibility in funding EU programmes for the next seven years and successfully resisted calls for spending cuts in employment, research and innovation in the 2014 budget.

Four students with their thumbs up for the Erasmus + program ©BELGA/BELPRESS        
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The EU’s new Erasmust+ programme, which will fund grants for students, teachers, trainers and apprentices to study abroad in the EU, was approved by the European Parliament on Tuesday. Youth leaders, volunteers and young sportsmen and women will also be eligible. A new guarantee mechanism will also enable master’s degree students to get cheaper loans to study abroad.

Interview with Jutta Haug        

The new LIFE programme for environment and climate action has a budget of €3.46 billion for 2014-2020 in order to help member states preserve the common good of the Union’s environment and climate. This includes €864 million for a sub-programme for climate action. MEPs vote on the new LIFE programme 2014-2020 on Thursday 21 November. We asked Jutta Haug, a German member of the S&D group in charge of steering the plans through EP, for details.

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Parliament's mandate to negotiate the EU budget for 2014-2020 with the EU member states' Irish Presidency was approved in a resolution voted on Wednesday. Parliament rejects the 8 February European Council conclusions in their current form. MEPs want more flexibility and efficiency within the budget.

Interview with Silvia Costa        

Cultural diversity is one of Europe's strengths. The Creative Europe programme for 2014-2020 aims to safeguard this diversity and boost the cultural sector's competitiveness. Backed by the culture committee on 5 November, it will bring together the existing Culture, MEDIA and MEDIA Mundus programmes. Ahead of the plenary vote on Tuesday, we asked Silvia Costa, an Italian member of the S&D group responsible for steering the proposals through EP, how the new programme will make a difference.

Budget vote in 1979        

The EU's "own resources" budget system has gradually been replaced by gross national income-related contributions from EU countries, which has fuelled intensive battles between net payers and net receivers. Read on for a short overview of the history of the EU's own resources system.