Definitive adoption (EU, Euratom) 2018/251 of the EU’s general budget for the financial year 2018 - Main contents

EU budget 2018: €160.1 billion

SUMMARY OF:

Definitive adoption (EU, Euratom) 2018/251 of the EU’s general budget for the financial year 2018

WHAT IS THE AIM OF THIS ACT?

It is the text agreed upon by the European Parliament and the Council adopting the EU’s budget for 2018.

The budget:

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  helps turn the EU’s political priorities into reality;
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  sets out and authorises the total annual revenue and expenditure for the EU and the European Atomic Energy Authority;
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  identifies specific priority expenditure areas. For 2018, these include:

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    job creation, especially for young people;
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    economic growth and strategic investment;
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    regional development;
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    migration.

KEY POINTS

The 2018 EU budget provides for €160.1 billion in spending commitments* and €144.7 billion in payment* credits. The main areas of expenditure (in € million) are:

FROM WHEN DOES THE ACT APPLY?

It has applied since 1 January 2018.

BACKGROUND

The annual budget finances the whole range of EU policies, activities, institutions and agencies. It represents about 1% of the gross national income of the 28 EU countries. The European Commission presents its draft proposals and the budget must be agreed by the Council and the European Parliament.

On 30 May 2017, the Commission proposed a 2018 budget of €161 billion in commitments and €145 billion in payments. The Council slightly reduced that amount while the Parliament increased it. The three institutions reached an agreement during the conciliation procedure* The agreement was formalised by the European Parliament's definitive adoption on 30 November 2017.

For more information, see:

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  The budget explained (European Commission).

KEY TERMS

Commitments: legal pledges to provide finance in a given year, provided certain conditions are met.

Payments: money that will be paid out via cash or bank transfers to beneficiaries during the budget year.

Conciliation procedure: negotiations between the Council (EU governments), the European Parliament and the Commission (acting as an honest broker) to agree the final budget.

MAIN DOCUMENT

Definitive adoption (EU, Euratom) 2018/251 of the European Union’s general budget for the financial year 2018 (OJ L 57, 28.2.2018, pp. 1–2382)

RELATED DOCUMENTS

Amending letter No 1 to the draft general budget 2018 updating the estimated needs for agricultural expenditure and other adjustments (reserve for the European Union Solidarity Fund, agencies and administrative expenditure) (COM(2017) 615 final, 16.10.2017)

last update 23.04.2018

This summary has been adopted from EUR-Lex.