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Euro banknotes        

MEPs overwhelmingly backed an agreement with national governments on the EU's budget for next year during the plenary session on 1 December. The deal secures extra funding for key Parliament priorities such as creating jobs for young people, tackling the migration crisis, and investing in infrastructure projects.

President Schulz sings the Budget for 2017_        
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For next year’s budget, MEPs have ensured better support for unemployed youngsters and additional funds to boost key initiatives supporting SMEs, transport infrastructure projects, research and Erasmus+ student mobility. Commitment appropriations for 2017 total €157.8578 billion, and payment appropriations €134.49 billion.

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MEPs have fought for and obtained better support for unemployed youngsters and additional funds to boost key initiatives supporting SMEs, transport infrastructure projects, research and Erasmus+ student mobility. The provisional deal on the EU Budget 2017 with the Council was reached in the early hours of Thursday. After Budget MEPs and Council have formally endorsed the agreement, the new EU budget will be voted in plenary in December.

Final figures 
  • Commitments: €157.86 billion 
  • Payments: €134.49 billion 

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Budget illustration photo ©AP Images/ European Union-EP        
Press Releases 

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Parliament demanded more funds, to help young people into jobs, boost economic growth and assist third countries with a view to mitigating the migration crisis, in a plenary vote on Wednesday. MEPs reversed all the Council’s proposed cuts in the draft EU budget for 2017. They expect some of the additional funds needed to come from new appropriations to be obtained through the mid-term revision of the EU’s long-run budget, the Multiannual Financial Framework (MFF).

A-Z on Budget 2017 ©AP Images/ European Union-EP        

When it comes to budget talks, the stakes are high, but the terminology can be baffling. On Wednesday 26 October MEPs vote on Parliament's position regarding the EU's 2017 budget and the revision of the long-term budget, while in the afternoon the EU Court of Auditors presents its assessment of the 2015 budget. All of this is important, but it can be challenging to decode the terms used. Read our brief glossary to make sense of it all.

Interview with Jens Geier - Vice-President of the Committee on Budget        

The UK's decision to leave the Union will already affect the EU's budget for next year. "There has already been an unforeseeable situation and now we have to deal with this problem," said Jens Geier, the MEP who will negotiate on behalf of the Parliament regarding the bulk of the EU's budget for 2017. MEPs will vote on Parliament's position in plenary on 26 October. We talked to the German S&D member about how Brexit is affecting the budget and the upcoming negotiations with the Council

Budget lines ©AP Images/ European Union-EP        

The EU’s budget has been criticised for years for relying too much on member states’ contributions and for being too inflexible when unexpected crises occur. MEPs discussed the issue with their national counterparts during a conference on how to finance the EU's budget on 7-8 September. Most panellists agreed that a reform was necessary to ensure more transparency and efficiency.

Initial position 
  • Commission: commitments €157.7 billion, payments €134.9 billion  
  • Council: commitments €156.38 billion, payments €133.79 billion 
  • Parliament: commitments €161.8 billion, payments €136.8 billion 

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Click on the image above to find out more about the budgetary procedure        

The EU's budget for next year will be decided over the coming months. Starting this week parliamentary committees adopt their opinion on the budget, while the budgets committee discusses the Council's position on Wednesday 31 August. The committee will then draft a recommendation to MEPs, which will be put to a plenary vote at the end of October. Check out our infographic for all the steps of the budgetary procedure.

Find out the facts in our infographic        

How much does the EU spend in your country and on what? How does it compare to other countries? And where does the money come from? Find out by using our multimedia application, which has been updated with the latest figures from the European Commission's annual financial report for 2015.