The Council of the European Union and the European Parliament have reached agreement on the EU's annual budget for 2027, the Council announced on Wednesday, after intensive negotiations in Brussels that ran into the early hours of the morning.
The 2027 budget amounts to €199.7 billion in total commitments and €211.5 billion in total payments. A further €710.1 million has been kept available under the spending ceilings of the current multiannual financial framework, allowing the EU to react to unforeseeable needs.
It is the seventh and final annual budget of the current 2021–2027 multiannual financial framework. The Council said next year's budget strongly focuses on the EU's main policy priorities and addresses the difficult current geopolitical context, funding farmers and fishing communities, businesses, education, research and infrastructure.
The agreement was brokered under Ireland's presidency of the Council, with Tánaiste and Finance Minister Simon Harris serving as the Council's chief negotiator. The European Parliament and the Council now have 14 days to formally approve the agreement. The Council is expected to endorse it on November 23, with the Parliament's plenary vote scheduled for November 24.
