Mff Agreement November 2020

The MFF Agreement: What You Need to Know

In November of 2020, the European Union reached an agreement on the Multiannual Financial Framework (MFF) for the next seven years. The agreement outlines the budget for the EU`s policies and programs from 2021 to 2027 and the recovery package in response to the COVID-19 pandemic.

Here are some key takeaways from the MFF Agreement:

1. Overall budget: The MFF for 2021-2027 has a total budget of €1.074 trillion, which includes funding for traditional EU policies such as agriculture, regional development, and research and innovation.

2. COVID-19 recovery package: In light of the ongoing COVID-19 pandemic, the EU has agreed to a €750 billion recovery package. This package will provide funding for investments in green and digital transitions, as well as support for health systems, businesses, and social services.

3. Rule of law mechanism: The MFF agreement includes a rule of law mechanism that ties funding to respect for the rule of law and democratic values. This means that member states that fail to uphold these values could have their funding reduced.

4. Climate goals: The MFF commits to allocating 30% of the overall budget to climate-related expenditures. This includes funding for renewable energy, energy efficiency, and other measures to combat climate change.

5. Defense and security: The MFF includes a new European Defense Fund, which will provide funding for joint military equipment and infrastructure projects. It also includes funding for research and development of defense technologies and cybersecurity.

In conclusion, the MFF Agreement reached in November 2020 outlines the budget for the EU`s policies and programs for the next seven years. The agreement includes funding for the COVID-19 recovery package, a rule of law mechanism, climate goals, and defense and security measures. As the EU moves forward, the MFF will play a vital role in shaping the future of the continent.