The European Commission on Wednesday unveiled a €2 trillion proposal for the 2028–2034 Multiannual Financial Framework (MFF), calling it the most ambitious EU budget to date, with major increases in funding for competitiveness, defence, and crisis resilience. European Commission President Ursula von der Leyen said the budget marks a shift in scale and strategy to meet new geopolitical and economic realities. "It's a budget for a new era that matches Europe's ambition." von der Leyen said. The new budget includes: * €865 billion for National and Regional Partnership Plans, focused on cohesion, agriculture, and social policy, including €300 billion for farm income support. * €410 billion Competitiveness Fund to bolster strategic technologies, Horizon Europe, and the green transition. * €131 billion earmarked for defence and space – five times current levels. * €200 billion for Global Europe, with €100 billion allocated to Ukraine's recovery. * A new €150 billion "Catalyst Europe" loan programme to support member states' investments in EU priorities. * A €400 billion crisis mechanism to respond swiftly to future emergencies. The Commission also proposed expanding own resources to finance EU priorities while keeping member states' national contributions stable. Negotiations with member states and the European Parliament will now begin to finalise the next MFF. Reaching an agreement on the new EU budget will require unanimous backing from all 27 member countries as well as approval from the European Parliament. Attribution: Amwal Al Ghad English Subediting: M. S. Salama
