The European Commission has unveiled a €2 trillion proposal for the EU’s next Multiannual Financial Framework (MFF), covering the 2028-2034 period. Budget Commissioner Piotr Serafin announced the figure during a hearing at the European Parliament’s Budget Committee. This represents a significant increase compared to the current €1.2 trillion budget for 2021-2027. The College of Commissioners has formally adopted the proposal for the upcoming seven-year financial framework.
Commissioner Serafin stated that the long-term budget “will not forget our farmers and fishermen. We will ensure the protection of their income by allocating €300 billion for farmers and €2 billion for fishermen, including a doubling of the agricultural reserve.”
The Commission also proposes allocating “€200 billion” for the EU’s international action and “up to €100 billion” for Ukraine. “With €200 billion for Global Europe, we will be able to act faster, respond better, and build deeper partnerships, from enlargement to humanitarian aid,” Serafin said. He added, “We have also allocated up to €100 billion outside the MFF ceiling for Ukraine, our most strategic partner. This represents a long-term commitment to Ukraine’s recovery and reconstruction.”
The competitiveness fund will form the second pillar of the long-term EU budget. Serafin confirmed it will have “€451 billion in funding, including the innovation fund.” He explained, “It brings together our investment efforts in clean technologies, digital, biotech, defence, space, and food security, supporting projects from the idea stage to industrial-scale production.”
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