EU Council and Parliament reach political agreement on next budget

The German presidency of the Council of the European Union has reached a political agreement with the European Parliament’s negotiators in talks aimed at securing the parliament’s consent to the next Multiannual Financial Framework (MFF).

The MFF is the official term for the EU budget, and runs for seven years. Money is allocated to the Common Agricultural Policy (CAP) as outlined in the MFF.

The agreement, announced today (Tuesday, November 10), has been reached following “intensive consultations” with the parliament and the commission that have been underway since the end of August.

The agreement complements the comprehensive financial package of over €1.8 trillion negotiated by EU leaders in July, which combines the next MFF – €1.07 trillion – and a €750 billion temporary recovery instrument, Next Generation EU, which is ostensibly aimed at economic recovery after Covid-19.

Among the key tenants of the agreement announced today are included “higher ambition” on biodiversity and “strengthened monitoring” of biodiversity and climate spending.

The agreement will now require endorsement from the various EU member states.

Trilogue on CAP begins

In other EU-related news, the first trilogue on the CAP reform will take place this afternoon.

Executive Vice-President of the European Commission Frans Timmermans and Commissioner for Agriculture and Rural development Janusz Wojciechowski will represent the European Commission at discussions.

The trilogue will cover three proposals – the Strategic Plan Regulation; the Horizontal Regulation; and the Common Market Organisation (CMO) Amending Regulation.

The European Parliament, the council and the commission, will have the opportunity to put forward their positions on the key elements of the three regulations.

They may also agree on the working arrangements and indicative timeline that will apply to the ensuing political trilogues and preparatory technical meetings.