EU reaches deal on 2020 budget, boosts funds for climate change, EU borders

European Union governments, EU Parliament and the executive European Commission reached a deal late on Monday on the bloc’s 2020 budget that boosts spending on fighting climate change, EU border protection and setting up Europe’s own satellite system.

The 2020 budget is the last annual spending plan of the EU’s seven-year budget, which is equal to 1% of the 28-nation bloc’s gross national income.

The 2020 budget envisages some 60 billion euros to support farmers, fisheries and biodiversity and almost 59 billion to reduce economic and social differences between European regions.

A further almost 25 billion euros will go to support research and innovation in the EU, youth education programmes, small and medium sized companies and Europe’s Galileo satellite scheme that is to make the EU independent from the U.S. Global Positioning System (GPS).

Statement by by Kimmo TIILIKAINEN, State Secretary at the Ministry of Finance of Finland, following the ECOFIN Council (Budget), on 18 November 2019, in Brussels.

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