New EC Budget Proposal for 2028–2034 Unveiled 

Photo by Bekky Bekks on Unsplash

On 16 July, the European Commission presented its proposal for the new Multiannual Financial Framework (MFF) for 2028–2034, with a total value of nearly EUR 2 trillion. The proposed budget aims to support a more independent, prosperous, secure, and resilient European society and economy.

Key Features of the MFF:

  • Increased flexibility to enable rapid responses to emerging challenges
  • Simplified and harmonized EU financial programs, reducing administrative burden
  • National and Regional Partnership Plans to support investments and reforms, foster convergence, and reduce regional disparities
  • Competitiveness boost to support supply chain resilience, innovation, and clean and smart technologies

A minimum of 14% of National and Regional Partnership Plans will be allocated to social expenditure. The European Social Fund (ESF), delivered through these plans, will remain central to advancing education, employment, and social priorities − including reskilling, upskilling, and the fight against poverty and homelessness.

The ESF will also contribute to promoting equal opportunities, strengthening social safety nets, and enhancing social inclusion.

The EU Facility will continue to support key areas such as microfinance, social enterprise finance, the social economy, and social infrastructure—including investments in health, education, and both social and student housing.

The MFF proposal introduces five new own resources, including:

  • Adjustments from the EU Emissions Trading System (ETS)
  • The Carbon Border Adjustment Mechanism (CBAM)
  • A levy on non-collected electronic waste (e-waste)
  • Tobacco excise duties
  • A new Corporate Resource for Europe (CORE)

What’s Next?

The final decision on the EU’s long-term budget and revenue system will require unanimous approval by Member States in the Council, with the European Parliament’s consent for the budget. In some cases, national parliaments will also need to approve the revenue framework.

👉 Learn more: EU Budget 2028–2034