By Thea Pieridou
Press Officer of the European Parliament Office in Cyprus
The EU's long-term budget, also known as the Multiannual Financial Framework (or MFF), determines how much money the European Union can invest over a period of usually seven years in projects and programs that enhance Europe's future. EU-funded investments benefit millions of students, thousands of researchers, regions, cities, universities, businesses, NGOs and all European citizens. It is a tool historically linked to the concepts of solidarity and cohesion. For the next long-term budget covering the period 2021-2027, the European Parliament is in favor of a strong European budget, which will meet the challenges facing Europe and the expectations of European citizens. An ambitious long-term EU budget is crucial to restarting the economy and building a green, digital and resilient post-pandemic Europe.
Preparations for the 2021-27 EU budget began in May 2018. However, in view of the coronavirus pandemic, the European Commission presented a new budget proposal in May 2020 to address the impact of the pandemic, with a total amount for the period 2021-2027 of 1.1 trillion euro which will be accompanied by a COVID-19 recovery plan COVID-19 (the so-called "Next Generation EU") of 750 billion euro. At their summit on 17-21 July 2020, EU leaders reduced the proposed budget to €1.074 trillion.
Negotiations between Parliament and national governments in the EU Council began in late August. The European Parliament, which is directly elected by citizens across the EU, plays a key role in setting the long-term budget and any agreement requires its consent. It is important to note that the Parliament's ability to approve or reject the EU's long-term budget is one of its most important powers, for obvious reasons. In this context, the Parliament insists on strengthening the EU's flagship funding programs, such as Erasmus+ and Horizon2020, with an additional €39 billion. As European Parliament President David Sassoli put it, "This is a small amount compared to the total package worth € 1,8 trillion. But it is an amount that will radically change the lives of the people who will benefit from our common policies."
In a new survey conducted by the European Parliament in early October 2020, the vast majority of Europeans insist on increasing the EU budget to deal with the pandemic. Equally important, 77% of Europeans call for EU funds to be linked to respect for the rule of law. The current EU long-term budget started in 2014 and ends on 31 December 2020. €1 billion was allocated by the European Structural and Investment Funds to Cyprus for 2014-2020 and an additional €310,4 million was already injected from 2014 to the end of 2019 in the Cypriot economy by the EU Competitive Programs.
All Cypriot citizens are encouraged to be informed about the funding opportunities in the Funding Information Portal: https://www.fundingprogrammesportal.gov.cy/el/home.
