Revise EU long-term budget as soon as possible

Flowing sand shaped of Euro sign inside the hourglass

The European Parliament will insist that a revision of the EU’s long-term budget is brought forward to early 2023, Jan Olbrycht MEP has confirmed. Olbrycht co-authored a new Report on upscaling the Multiannual Financial Framework (MFF) 2021-2027, which will be voted on by Parliament's Budgets Committee today (Thursday).

"The MFF is no longer fit for purpose. It was designed before many unforeseen crises struck the Union. Now, less than two years since its adoption, it is already stretched to its limit. In many headings, there are no more margins left - restricting what the EU can do to help in emergencies. A robust revision is urgently required”, Olbrycht said.

Olbrycht pointed out that the EU is grappling with an exceptionally difficult situation: rising inflation; energy and cost of living crises; the impact of the war in Ukraine; and the consequences of the COVID-19 pandemic. "In response, we propose increasing and redesigning budgetary flexibility in order to mobilise all possible sources of funding in the budget", he said.

“We regret that the Commission has only proposed a review of the MFF in 2023. It is imperative that the revision is brought forward. With this Report, the Parliament takes a very strong position and insists that revision should take place in the first half of next year.”

Given the challenges ahead, a business-as-usual approach will not suffice, Olbrycht has warned.

“We need to strengthen our budgetary power and build greater resilience or else we risk undermining confidence in the EU. The revision will not be easy, but we need to get started”, Olbrycht added.

If the Report is adopted by the Budgets Committee today, it will be added to the Parliament’s plenary agenda in December.

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The EPP Group is the largest political group in the European Parliament with 176 Members from all EU Member States

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