The EU’s 2021-2027 long-term budget, together with NextGenerationEU, amounts to €1.8 trillion. This unprecedented response will help repair the economic and social damage caused by the coronavirus pandemic and aid the transition towards a modern, more sustainable Europe.

The package consists of the long-term budget (the 2021-2027 MFF multiannual financial framework) of €1.074 trillion, combined with the temporary recovery instrument NextGenerationEU of €750 billion.

It was adopted by the European Parliament on 16 December 2020.

MEPs negotiated major top-ups for EU flagship programmes like Health, Horizon (Research), Erasmus+ and supported also a roadmap introducing new sources of EU revenue. This roadmap is part of the ‘Interinstitutional Agreement’, a legally binding text. In addition to the contribution made as of 2021, based on how much unrecycled plastic a country has, the roadmap includes an ETS (Emissions Trading System)-based Own Resource (from 2023, possibly linked with a carbon border adjustment mechanism). It also includes a digital levy (from 2023) and a Financial Transaction Tax-based Own Resource, as well as a financial contribution that the corporate sector must make or a new common corporate tax base (from 2026).

Parliament also approved in its February 2024 session, the revision of the EU’s long-term budget.

This includes the €50 billion Ukraine Facility and the “Strategic Technologies for Europe Platform” (STEP), which aims to make the EU more strategically independent and to foster innovation. It also enables the EU budget to respond more effectively to evolving needs and unforeseen circumstances. In particular, it bolsters the EU’s budget to deal with migration and external challenges as well as the EU's crisis preparedness and budgetary flexibility. In line with Parliament’s demands, the revision introduces a mechanism to tackle escalating costs linked to the repayment of the NextGenerationEU recovery plan amid rising interest rates.

EU Multiannual Financial Framework 2021-2027

This package contains the events between 1st July 2019 and 31 December 2020. For latest events, see related links.

There have been five multiannual financial frameworks (MFFs) to date. The Treaty of Lisbon transformed the MFF from an interinstitutional agreement into a legally binding act. Established for a period of at least five years, an MFF must ensure that the Union’s expenditure develops in an orderly manner and within the limits of its own resources, and sets out provisions with which the annual budget of the Union must comply, thus laying the cornerstone of financial discipline.

After almost five days of negotiations, the European Council finally reached a political agreement on the Multiannual Financial Framework (MFF) for 2021 to 2027 and a specific recovery instrument following the coronavirus crisis – Next Generation EU (NGEU) – together totalling €1 824.3 billion. Before the MFF can enter into force, the Parliament must give its consent, which is also a pre-condition for the adoption, by co-decision, of legislation on the new policy programmes.

EU Multiannual Financial Framework 2021-2027 and recovery plan (2019-2020)

The coronavirus crisis is a major shock for the European and global economies. Member States have already adopted budgetary, liquidity and policy measures to increase the capacity of their health systems and provide relief to those citizens and sectors that are particularly impacted.

Among the measures the EU is taking to support the economic recovery are the EU's recovery plan, Next Generation EU, SURE: temporary support for workers, amendments to the EU budget to address urgent issues, re-direction of EU funds to help member states most in need, support to most affected sectors.

On 21 July 2020, EU leaders agreed on a €750 billion recovery effort, Next Generation EU, to help the EU tackle the crisis caused by the pandemic. Alongside the recovery package, EU leaders agreed on a €1 074.3 billion long-term EU budget for 2021-2027. Among others, the budget will support investment in the digital and green transitions and resilience.

Together with the €540 billion of funds already in place for the three safety nets (for workers, for businesses and for member states), the overall EU's recovery package amounts to €2 364.3 billion (source: Council).

Coronavirus outbreak: impact on economic situation

The European Parliament together with the French Parliament organised&nbsp;a virtual European Parliamentary Week 2022 on 15-16 March 2022.&nbsp;The European Parliamentary Week consists of the European Semester Conference and the Interparliamentary Conference on Stability, Economic Coordination and Governance in the European Union.

This year the conference was dominated by the impact of the COVID-19 crisis on EU economies, its recovery and next steps. The parliamentarians will debated on the implementation of the national recovery and resilience plans as well as on the reform of the Stability and Growth Pact and the new own-resources.&nbsp;Roberta Metsola, EP President, opened&nbsp;the event which counts with several Prime Ministers and European Commissioners&nbsp;among the high-level speakers.

The Recovery and Resilience Facility (RRF) is intended to be the Union's main tool in support of economic and social recovery from the consequences of the coronavirus pandemic.&nbsp;The RRF entered into force on 19 February 2021 It will provide €672.5 billion in grants and loans as financial support over the coming years. The Facility is the flagship instrument of Next Generation EU and aims to offer large-scale financial support for public investment and reform, in order to mitigate the economic and social consequences of the pandemic in the Member States and to make EU economies more sustainable. The scope of application refers to policy areas related to economic, social and territorial cohesion, the green and digital transitions, health, competitiveness, resilience, productivity, education and skills, research and innovation, smart, sustainable and inclusive growth, jobs and investment, and the stability of the financial systems. In order to receive support through the Facility, Member States are required to produce recovery and resilience plans proposing a congruent set of reforms and public investment projects that could be implemented up until 2026. Currently 22 of the 26 submitted national recovery plans&nbsp;have been approved. The Commission has not yet approved the Hungarian, Polish, Swedish and Bulgarian plans. Requested pre-financing of €52.3 billion has already been disbursed to 17 Member States.

Recovery and resilience facility (RRF)

EU financed railway projects in Gävle, Sweden

Railway infrastructure upgrade Gävle-Åänge, Sweden - Recovery and Resilience (RFF)

EP Plenary session - short presentation : An intellectual property action plan to support the EU’s recovery and resilience

EP Plenary session -  Capital Markets Recovery Package: adjustments to the securitisation framework

EP Plenary session -  Good governance of national Recovery&Resilience Plans

Lex Signing ceremony on Recovery and Resilience Facility:  - Joint Press Conference by David SASSOLI, EP President, Antonio COSTA, Portuguese Prime Minister and by Ursula von der LEYEN, EC President, on behalf of the Presidency of the Council

Lex Signing ceremony on Recovery and Resilience Facility:  - Signature by David SASSOLI, EP President and by Antonio COSTA, Portuguese Prime Minister on behalf of the Council and in the presence of Ursula von der LEYEN, President of the EC

EP plenary session - Capital Markets Recovery Package: MIFID and EU Recovery Prospectus

EP plenary session- Establishing the Recovery and Resilience Facility

Press conference - The next MFF and Own Resources - Press Conference by Johan VAN OVERTVELDT, Chair of the Committee on Budgets,

Meeting with the Multiannual Financial Framework-Own Resources Contact Group

State of the European Union - Debate

State of the European Union 2020 (SotEU) - MEP Debate

EP Plenary session - State of the Union

State of the European Union 2020 (SotEU) - Opening statement by Ursula VON DER LEYEN, EC President

State of the European Union debate: Statements by Political group Leaders

State of the European Union 2020 (SotEU) - Debate on Migration

EP Plenary session - State of the Union (SotEU)

ENVI meeting, Committee on the Environment, Public Health and Food Safety - Exchange of views with the Commission on the EU vaccines strategy, including the state of play on the Vaccines Advance Purchase Agreement

Members from the Committee on Budgets (BUDG) and the Committee on Economic and Monetary Affair (ECON) hold the first Recovery and Resilience Dialogue with Valdis DOMBROVSKIS, Executive Vice-President for an Economy that Works for People, and Commissioner for Trade, and Paolo GENTILONI, Commissioner for Economy, in the European Parliament in Brussels. This transcription speech is the result of an automatic process. Check against delivery.

Recovery and Resilience Dialogue: introductory remarks by the Chairs and opening statements by Valdis DOMBROVSKIS, Executive Vice-President of the European Commission, and Paolo GENTILONI, European Commissioner for Economy

Members from the Committee on Budgets (BUDG) and the Committee on Economic and Monetary Affair (ECON) hold the first Recovery and Resilience Dialogue with Valdis DOMBROVSKIS, Executive Vice-President for an Economy that Works for People, and Commissioner for Trade, and Paolo GENTILONI, Commissioner for Economy, in the European Parliament in Brussels. Exchange of views with MEPs (part 1)

Recovery and Resilience Dialogue in joint BUDG/ECON committees: Exchange of views with MEPs (part 1)

During the plenary session (24-25 March 2021) in the European Parliament in Brussels, MEPs debate on the Capital Markets Recovery Package - Adjustments to the securitisation framework: closing statements by Mairead MCGUINNESS, European Commissioner for financial services.

Capital Markets Recovery Package - Adjustments to the securitisation framework: closing statement by Mairead MCGUINNESS, European Commissioner for financial services

During the plenary session (24-25 March 2021) in the European Parliament in Brussels, MEPs debate on the Capital Markets Recovery Package - Adjustments to the securitisation framework.

Capital Markets Recovery Package: adjustments to the securitisation framework: MEPs debate

During the plenary session (24-25 March 2021) in the European Parliament in Brussels, MEPs debate on the Capital Markets Recovery Package - Adjustments to the securitisation framework: opening statements by Paul TANG (S&D, NL), and Othmar KARAS (PPE, AT), rapporteurs and by Mairead MCGUINNESS, European Commissioner for financial services.

Joint debate on the Capital Markets Recovery Package - Adjustments to the securitisation framework: opening statements by Paul TANG (S&D, NL), and Othmar KARAS (PPE, AT), rapporteurs and by Mairead MCGUINNESS, European Commissioner

The Committee on Budgets (BUDG) holds a public hearing on the new own resources that are expected to be proposed in the second quarter of 2021, and which are meant to help repay the debt of the COVID-19 economic rebound stimulus fund, Next Generation EU. Atmosphere shots of the Public hearing and statements by José Manuel FERNANDES (EPP, PT) and Valérie HAYER (Renew, FR), co-rapporteurs

Financing the EU budget - new own resources and possible other revenue (17/03/2021): atmosphere shots of the public hearing and statements by José Manuel FERNANDES (EPP, PT) and Valérie HAYER (Renew, FR), co-rapporteurs

During the plenary session of the European Parliament in Brussels (08-11 March 2021), MEPs debate on the respect of the partnership principle, in the preparation and implementation of National Recovery and Resilience Plans, and ensuring good governance of the spending: MEPs debate

Respecting the partnership principle, in the preparation and implementation of National Recovery and Resilience Plans, and ensuring good governance of the spending: MEPs debate

During the plenary session of the European Parliament in Brussels (08-11 March 2021), MEPs debate on the respect of the partnership principle, in the preparation and implementation of National Recovery and Resilience Plans, and ensuring good governance of the spending: Closing statement by Valdis DOMBROVSKIS, Executive Vice-President of the European Commission in charge of an Economy that works for People, and Commissioner for Trade.

Respecting the partnership principle, in the preparation and implementation of National Recovery and Resilience Plans, and ensuring good governance of the spending: Closing statement by Valdis DOMBROVSKIS, Executive Vice-President of the EC

During the plenary session of the European Parliament in Brussels (08-11 March 2021), MEPs debate on the respect of the partnership principle, in the preparation and implementation of National Recovery and Resilience Plans, and ensuring good governance of the spending: Opening statement by Valdis DOMBROVSKIS, Executive Vice-President of the European Commission in charge of an Economy that works for People, and Commissioner for Trade. This transcription speech is the result of an automatic process. Check against delivery.

Respecting the partnership principle, in the preparation and implementation of National Recovery and Resilience Plans, and ensuring good governance of the spending: Opening statement by Valdis DOMBROVSKIS, Executive Vice-President of the EC

During the plenary session of the European Parliament in Brussels (08-11 March 2021), MEPs debate on the action Plan for the implementation of the European Pillar of Social Rights, in preparation of the Social Summit in Porto in May: opening statements by Ana Paula ZACARIAS, Portuguese Secretary of State for European Affairs and President in office of the European Council and Nicolas SCHMIT, European Commissioner for Jobs and Social Rights. This transcription speech is the result of an automatic process. Check against delivery.

Action Plan for the implementation of the European Pillar of Social Rights, in preparation of the Social Summit in Porto in May: opening statements by Ana Paula ZACARIAS and Nicolas SCHMIT

During the plenary session of the European Parliament in Brussels (08-11 March 2021), MEPs debate on the action Plan for the implementation of the European Pillar of Social Rights, in preparation of the Social Summit in Porto in May: closing statements by Ana Paula ZACARIAS, Portuguese Secretary of State for European Affairs and President in office of the European Council and Nicolas SCHMIT, European Commissioner for Jobs and Social Rights.

Action Plan for the implementation of the European Pillar of Social Rights, in preparation of the Social Summit in Porto in May: closing statements by Ana Paula ZACARIAS and Nicolas SCHMIT

During the plenary session of the European Parliament in Brussels (08-11 March 2021), MEPs participate in a joint debate on the European Semester. MEPs debate part 3/3

European Semester: MEPs debate part 3/3

During the plenary session of the European Parliament in Brussels (08-11 March 2021), MEPs debate on the action Plan for the implementation of the European Pillar of Social Rights, in preparation of the Social Summit in Porto in May: MEPs debate part 1/2

Action Plan for the implementation of the European Pillar of Social Rights, in preparation of the Social Summit in Porto in May: MEPs debate part 1/2

During the plenary session of the European Parliament in Brussels (08-11 March 2021), MEPs participate in a joint debate on the European Semester: opening remark by Valdis DOMBROVSKIS, Executive Vice-President of the European Commission in charge of an Economy that works for People, and Commissioner for Trade. Opening statements by Markus FERBER (EPP, DE), Lina GÁLVEZ MUÑOZ (S&D, ES), rapporteurs, Margarida MARQUES (S&D, PT), (BUDG); Nils UŠAKOVS (S&D, LV) BUDG, Ana Paula ZACARIAS, Portuguese Presidency, President in office of the European Council, and Valdis DOMBROVSKIS, Executive Vice-President of the European Commission in charge of an Economy that works for People, and Commissioner for Trade, and Nicolas SCHMIT, European Commissioner for Jobs and Social Rights, Pascal CANFIN (Renew, FR) (ENVI) and Victor NEGRESCU (S&D, RO) (CULT). This transcription speech is the result of an automatic process. Check against delivery.

European Semester: Opening statements

During the plenary session of the European Parliament in Brussels (08-11 March 2021), MEPs debate on the action Plan for the implementation of the European Pillar of Social Rights, in preparation of the Social Summit in Porto in May: MEPs debate part 2/2

Action Plan for the implementation of the European Pillar of Social Rights, in preparation of the Social Summit in Porto in May: MEPs debate part 2/2

During the plenary session of the European Parliament in Brussels (08-11 March 2021), MEPs participate in a joint debate on the European Semester. MEPs debate part 1/3

European Semester: MEPs debate part 1/3

During the plenary session of the European Parliament in Brussels (08-11 March 2021), MEPs participate in a joint debate on the European Semester. MEPs debate part 2/3

European Semester: MEPs debate part 2/3

During the plenary session of the European Parliament in Brussels (08-11 March 2021), MEPs participate in a joint debate on the European Semester. Closing statementsby Valdis DOMBROVSKIS, Executive Vice-President of the European Commission in charge of an Economy that works for People, and Commissioner for Trade and by Nicolas SCHMIT, European Commissioner for Jobs and Social Rights, and Ana Paula ZACARIAS, Portuguese Presidency, President in office of the European Council

European Semester: closing statements by Valdis DOMBROVSKIS, Executive Vice-President of the European Commission, Nicolas SCHMIT, European Commissioner and Ana Paula ZACARIAS, Portuguese Presidency

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