Council Regulation (EU, Euratom) 2024/765 of 29 February 2024

What it is

to amend Regulation (EU, Euratom) 2020/2093 laying down the multiannual financial framework for the years 2021 to 2027. ROLE OF THE EUROPEAN PARLIAMENT: Council may adopt the act only if Parliament has given its consent to the act. BACKGROUND: the Union has faced a series of unprecedented and unexpected challenges since 2020. Barely after the COVID-19 pandemic, the Union was faced with Russia’s brutal war of aggression against Ukraine, the ensuing energy crisis and the related spike in inflation and interest rates. The Union swiftly acted and used all means at its disposal, including redeployments and reprogramming, on top of existing budgetary flexibilities. However, the limited budgetary flexibilities embedded in the MFF 2021-2027 are nearly exhausted and redeployment possibilities are reaching their limits, hindering the EU budget’s capacity to address even the most urgent challenges. If it is to deliver on the Union’s shared priorities and needs, the EU’s long-term budget needs to be reinforced for the period 2024-2027 to provide the most essential funding to respond to these challenges.

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