Revision of the 2024-2027 MFF

A series of unforeseen and unprecedented new challenges, including Russia’s war of aggression against Ukraine and the ensuing energy crisis and high inflation and interest rates, has led the European Parliament to call repeatedly for a revision of the current 2021-2027 multiannual financial framework (MFF), which was adopted in December 2020. The steep acceleration in inflation and interest rates has affected the Union’s budget significantly, not least through a sharp increase in the funding costs for Next Generation EU (NGEU), the EU’s post-pandemic recovery instrument. The EU’s response to the challenges stemming from the pandemic and migration have put the budget under pressure from the very start of this financial period. As a result, the EU has used the available instruments for flexibility and reprogramming extensively. Addressing these multiple challenges has pushed the resources of the EU budget to the point of exhaustion, putting the budget’s capacity to address even the most urgent challenges into severe danger.