Budget Flashcards
What is MFF?
Multiannual Financial Framework – current period: 2014-2020.
How is the MFF decided?
Council, acting in accordance with a special legislative procedure, must unanimously adopt the MFF Regulation after having obtained the consent of Parliament
What is MFF 2014-2020 allocated for?
- Smart and inclusive growth (1a. Competitiveness for growth and jobs - 1b. Economic, social and territorial cohesion)
- Sustainable growth: natural resources.
- Security and citizenship
- Global Europe.
- Administration
- Compensations
What is the biggest part/heading of the EU budget?
Smart and inclusive growth (47%)
What are special instruments under MFF 2014-2020?
Emergency aid reserve
EU solidarity fund
Flexibility instrument
European globalisation adjustment fund
What is the difference between a commitment and a payment?
Commitments are the legal obligations to spend money that are signed in a given financial year. Legal obligations can be contracts, grant agreements and decisions. The amounts are not necessarily paid out in the same year but may be spent over several financial years.
Payments cover expenditure due in the current year. This comes from legal commitments from the same or earlier years.
What is the EU budget?
€148 billion (2019 figure), the EU budget is in fact smaller than the budgets of Austria or Belgium.
This is a tiny fraction (2%) of the combined national budgets of all 28 EU countries (€7,524 billion)
Who adopts the EU budget? How is the EU budget adopted?
The European Commission first proposes a draft annual budget.
Both the Council and Parliament can amend the draft.
The Council and Parliament approve the final version.
What is NOT a source of the EU budget?
a. VAT from Member States;
b. Road fees;
c. A percentage of the Member States’ GDP:
d. Custom and agricultural duties
b. Road fees;
Which one is NOT relevant to operational expenditure?
The answer options are all legal/Commission document types.
Operational Expenditure:
It is needed for the implementation of the policies decided by the legislators - the Council and the European Parliament. These policies are transposed in laws, which are implemented through programmes or projects.
Administrative Expenditure:
The Administrative expenditure is necessary for the functioning of the institutions: its staff costs, office space and equipment, etc.
What are the European Structural and Investment Funds?
- European regional development fund (ERDF)
- European social fund (ESF) -
- Cohesion fund (CF)
- European agricultural fund for rural development (EAFRD)
- European maritime and fisheries fund (EMFF)
Which countries can apply for EU funding?
Depends on the programme.
Who can participate in EU Projects?
Defined by the call
What is the Europe 2020 strategy about?
The Europe 2020 strategy is the EU’s agenda for growth and jobs for the current decade. Adopted in 2010.
What is Programme LIFE? What does LIFE support?
The EU’s funding instrument for the environment and climate action created in 1992. The current funding period 2014-2020 has a budget of €3.4 billion.
