On Friday, the Council and the European Parliament reached an agreement on the 2018 EU budget, which includes €160.1 billion in new commitments and €144.7 billion in payments.
Like in 2017, the 2018 budget focuses on the main EU priorities such as boosting economic growth and job creation, strengthening security and addressing the challenges posed by migration.
The budgets of multi-annual programmes, such as Horizon 2020 and Erasmus+ received a small boost compared to the Commission’s proposal from May this year, despite the Council’s plans to cut the former’s budget by approximately €500 million. Consequently, the 2018 budgets for Horizon 2020 and Erasmus+ are just over €11.1 billion and €2.3 billion respectively.
Once the Council officially adopts the newly agreed budget, the Parliament will need to vote on it on 30 November in Brussels.