Brussels: Europe and the Arabs
Following negotiations between the two sides, it was announced in Brussels at dawn today that an agreement had been reached by the European Union Council, which represents member states, with the European Parliament regarding the annual budget of the European Union for the year 2024.
Total liabilities were set at €189.385 billion. €360 million has been kept under the spending ceiling of the current multiannual financial framework for the period 2021-2027, allowing the EU to respond to unforeseen needs. While the total payments amount to 142 billion and 630 million euros.
Commenting on this agreement and through a statement early this morning, Spanish Minister Esperanza Samiras, whose country currently holds the rotating presidency of the Union, said, “We have reached an agreement on next year’s budget. This would give us the necessary means to focus on the priority areas for the Union.” While maintaining sufficient financial freedom to respond to unforeseen circumstances, it also ensures a realistic approach, taking into account the current economic situation, the interests of taxpayers and the need to meet new challenges that may arise in 2024.
Parliament and the Council now have 14 days to formally approve the agreement reached. The Council is expected to approve it on November 20.
Adoption of the budget requires a qualified majority within the Council, in agreement with the European Parliament (legal basis: Article 314 of the Treaty on the Functioning of the European Union).