European Union Member-States and the European Parliament have reached a tentative agreement on the bloc's seven-year budget, it was announced on Wednesday.
The deal on the Multi-annual Financial Framework (MFF) was reached after two days of negotiations in Brussels between European Parliament's chief budget negotiator Alain Lamassoure and Irish Deputy Prime Minister Eamon Gilmore, whose country currently holds the rotating EU presidency.
"We have concluded negotiations on the EU's multi annual budget for the next seven years. I have reached an agreement with the European Parliament's chief negotiator. We have agreed a package that we are both going to recommend to our respective institutions," Gilmore said in a statement.
Stating that he will present the agreement to EU Member- States next Tuesday, Gilmore said: "This is a balanced package that addresses all four of the issues identified by the European Parliament as important for the EU budget."
"This deal is about putting in place a robust EUR960 billion budget for investment that will enable the European economy to grow, create jobs and address the particularly urgent need to provide employment for young people," he added.
According to Gilmore, the package agreed on Wednesday includes provisions for flexibility to allow more efficient use of EU money, a review of the seven year budget before the end of 2016, a method for carrying forward discussion on EU owned resources, unity of the budget to allow European taxpayers to see in a more transparent way where their money is going.
Agreement on the EU's multi annual budget has been a top priority for the Irish Presidency. There have been at least ten rounds of intensive negotiations on the issue, with the last round in Brussels lasting over 24 hours after beginning on Tuesday.
The European Council had agreed in February that the EUR960 billion 2014-2020 budget would be focused on competitiveness, jobs and growth measures. The Irish Presidency has since been negotiating on behalf of EU Member-States with the aim of getting the European Parliament's agreement on this budget.
The agreement must now secure the support of EU Member-States at next week's General Affairs Council meeting in Luxembourg as well as MEPs at the European Parliament's plenary session in Strasbourg early next month.
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