The October plenary vote on Budget 2024 kicks off three weeks of “conciliation” talks with the Council, with the aim of reaching a deal between the two institutions in time for next year's budget, to be voted on by Parliament and signed by its President before the end of the year MEPs boosted the 2024 EU budget to tackle the fallout from Russia’s war against Ukraine, support SMEs, young people and research, and bolster the EU’s strategic autonomy.

MEPs say that the new geopolitical and economic context, “coupled with the worsening climate and biodiversity crisis”, has given rise to “new policy needs”. They recalled the limits of the EU’s current financial setup and align their position on the 2024 budget with their stance on the proposed mid-term revision of the EU’s long-term budget (MFF, multiannual financial framework), which Parliament expects to inject up to €75.8 billion into the EU budget over the period 2024-2027.

Drawing from this planned top-up, MEPs bolster initiatives to improve the EU’s strategic autonomy in 2024, but also humanitarian aid, migration and external assistance. They say that the “revised MFF regulation must provide the framework for the 2024 budget”.

Member states have yet to agree on a common position on the revision. More than 90% of the EU budget funds activities on the ground in EU countries and beyond. It goes to citizens, regions, cities, farmers, researchers, students, NGOs and businesses. The EU budget is unique. Unlike national budgets, which are used in large part to provide public services and funding social security systems, the EU budget is primarily an investment budget.