On 28 November 2016, the European Council gave its final go-ahead to the 2017 EU budget by approving the deal reached with the European Parliament on 17 November. If the Parliament endorses the agreement at its vote on 1 December the 2017 EU budget is considered adopted.
Under the 2017 budget, the European fund for strategic investments (EFSI) rises by 25% to EUR 2.7 billion. This is part of the EUR 21.3 billion in commitments that are mobilised to boost economic growth and create new jobs under sub-heading 1a (competitiveness for growth and jobs). It is an increase of around 12% compared to 2016.
“The 2017 EU budget is a blueprint for the future. It is sound, focused and shows solidarity. It delivers on citizens’ main concerns by tackling the migration challenges, reinforcing security, boosting growth and creating jobs. And it provides for significant increases to programmes such as Erasmus+ that benefit young people in particular”, said Ivan Lesay, State Secretary for Finance of Slovakia and President of the Council.
The 2017 EU budget contains EUR 157.86 billion in commitments, with a leeway of EUR 1.1 billion to react to unforeseen needs. Payments are set at EUR 134.49 billion, which is 1.6% lower than the 2016 EU budget after being aligned to real needs.
Graphic: By March 2016, the European Fund for Strategic Investments (EFSI) triggered around €76 billion of investment in Europe
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