By Thea Pieridou
Press Officer of the European Parliament Office in Cyprus
The European Union's long-term budget, also known as the Multiannual Financial Framework (MFF), defines how much money the EU can invest over a typical seven-year period in projects and programs that shape the future of Europe. It offers added European value by funding initiatives that member states cannot achieve alone or as efficiently. Investments financed by the EU budget benefit millions of students, thousands of researchers, regions, cities, universities, businesses, NGOs, and all European citizens. It is a tool historically tied to the principles of solidarity and social cohesion. To debunk the myth surrounding the EU budget, it is important to highlight that the overwhelming majority (~93%) of the budget concerns development expenditures across all member states.
The current long-term EU budget began in 2021 and runs until December 31, 2027. Preparations for the post-2027 EU budget are already underway, with a significant milestone being the European Parliament (EP) resolution approved on May 7, 2025, which outlined the EP's positions and demands for the 2028–2034 EU budget. For this upcoming long-term budget period (2028–2034), the EP advocates for a much more ambitious MFF that meets citizens’ expectations in an increasingly complex and rapidly changing global context. According to MEPs, the current spending ceiling (1% of the total gross national income of member states) is not sufficient to address the growing range of crises and challenges effectively.
The EP’s Main Priorities for the 2028–2034 Long-Term Budget:
Simplification, Flexibility, and Rule of Law
The next long-term budget must reduce unnecessary bureaucracy for fund recipients, but without giving the European Commission more leeway outside the democratic oversight exercised by the EP. Flexibility in spending is also crucial. Crisis response capabilities should be built into every policy area’s budget. Finally, MEPs insist that access to funds must be tied to respect for EU values and the rule of law.
Competitiveness and Defense
The EP proposes a new targeted competitiveness fund for private and public investments supported by the EU via risk mitigation mechanisms. It also emphasizes that increased defense spending is necessary, but must not undermine social and environmental expenditures or long-term policies such as agriculture and cohesion.
“No” to Single National Plans
The EP rejects the European Commission’s approach of “one national plan per member state” and calls for a structure that ensures transparency and parliamentary accountability, involving regional and local authorities and all relevant stakeholders.
The EP’s Pivotal Role:
The European Commission's proposal is expected in July 2025, after which negotiations will begin between the EP and national governments in the Council. The EP, directly elected by citizens across the EU, plays a central role in shaping the long-term budget, and any agreement requires the European Parliament's approval. It is crucial to emphasize that the EP’s power to approve or reject the EU’s long-term budget is one of its most important powers for obvious reasons.
All Cypriot citizens, organizations, and businesses are encouraged to stay informed about funding opportunities through the Funding Programmes Information Portal:
