European Council Mff Agreement

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The European Council MFF Agreement: What You Need to Know

The European Council has recently reached an agreement on the Multiannual Financial Framework, also known as the MFF. This agreement outlines the budget of the European Union for the next seven years, from 2021 to 2027.

So, what does this agreement mean for Europe and its citizens? Here are some key takeaways:

1. The overall budget has been reduced: The MFF for the next seven years is set at €1.074 trillion, which is lower than the previous budget of €1.082 trillion. This reduction is likely due to the United Kingdom’s departure from the EU and subsequent loss of contributions.

2. Climate change and digital transition are priorities: The European Council has identified these two areas as crucial for the future of Europe and has allocated a significant portion of the budget towards them. 30% of the budget will be reserved for climate-related policies and 20% for digital initiatives.

3. New sources of revenue: In addition to member state contributions, the EU will also generate revenue through new sources such as a tax on non-recyclable plastic waste and a digital tax. These new sources of revenue are expected to generate over €17 billion.

4. The Common Agricultural Policy has been reformed: The MFF agreement includes a significant overhaul of the Common Agricultural Policy, which accounts for almost 40% of the EU budget. The new policy will prioritize environmental and climate goals and increase funding to smaller farms.

5. COVID-19 recovery fund: As part of the MFF agreement, the European Council has also approved a €750 billion recovery fund to support member states in the wake of the COVID-19 pandemic. This fund will provide grants and loans to member states and will be financed through borrowing by the European Commission.

In conclusion, the MFF agreement represents a significant step towards a greener and more digital Europe. While the overall budget has been reduced, the EU has prioritized climate change and digital initiatives and has found new sources of revenue. The Common Agricultural Policy has also been reformed and a COVID-19 recovery fund has been established to support member states. It will be interesting to see how these policies are implemented in the coming years and how they will impact Europe and its citizens.

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