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So what with the new EU budget?

MFF 2014-2020

Brussels, 15 February 2013 | Published in Economy

The MFF (Multiannual Financial Framework defines the maximum amounts ("ceilings") available for each major spending area ("heading") of the Union’s budget. Within that framework, the European Parliament and the Council, which are the "budgetary authorities" of the EU, have to agree each year on the budget for the subsequent year.

In reality, the annual budget adopted always remains below the overall ceiling of the MFF. There there are 2 types of amounts: commitments – commitments to pay out funds to specific initiatives- and payments – payments forecast for the period covered by the budget.