Agreement reached over 2014 EU budget

Budget spending will amount to 135.5 billion euro, almost 1 billion less than the EP had hoped and a cut of six percent on 2013’s spending.

“I’m glad that we could reach an agreement with the European Parliament on the financing of priority areas such as growth, employment, innovation and humanitarian aid,” said Algimantas Rimkunas, Lithuanian deputy finance minister for Lithuania, which currently holds the EU Council presidency.

“I am glad that the agreement reached today between the European Parliament and the Council provides investment opportunities for European business, scientists, cities, regions, and students at a time when these investments are in high demand,” said EU Budget Commissioner Janusz Lewandowski in a statement following the deal.

“I can only commend the Parliament, the Lithuanian Presidency and member states for the spirit of cooperation and compromises so as not to disappoint those who are waiting for EU funds,” Lewandowski said.

The commissioner also emphasised that an agreement on next year’s budget is a key point on the way to the adoption of the Multiannual Financial Framework – dubbed the EU’s ‘big budget’ – for the years 2014-2020. (ip/jb)

Source: IAR/BBC/Reuters