Initial Multi-annual Financial Framework - A Budget for Europe 2020
Sep 27, 2011
On 29 June 2011 the European Commission presented the Multiannual Financial Framework which translates into financial terms the Union's political priorities for the period 2014-2020. The next budget should be modernised by reallocating resources to priority areas such as pan-European infrastructure, research and innovation, education and culture, securing the EU's external borders and external relations policy priorities such as the EU's neighbourhood.
Investment in research and innovation in the next seven years will be significantly increased. The common EU strategy "Horizon 2020" worth €80 billion will boost Europe's global competitiveness and help create the jobs and ideas of tomorrow. It will gather all projects in this area to eliminate fragmentation and make sure EU -funded projects better complement and help coordinate national efforts. This funding will be complemented by important support for research and innovation in the Structural Funds.