Multiannual financial framework
There have been six multiannual financial frameworks (MFFs) to date, including聽2021-2027. The聽Treaty of Lisbon transformed the MFF from an interinstitutional agreement into a regulation. Established for a period of at least five years, an MFF is there to ensure that the EU鈥檚 expenditure develops in an orderly manner and within the limits of its own resources. It sets out provisions with which the annual budget of the EU must comply. The MFF Regulation sets expenditure ceilings for broad categories of spending called headings. After its initial proposals of 2聽May聽2018 and in the wake of the COVID-19 outbreak, on 27聽May聽2020 the Commission proposed a recovery plan (NextGenerationEU) that included revised proposals for the MFF聽2021-2027 and own resources, and the setting up of a recovery instrument worth EUR聽750聽billion (in 2018 prices). The package was adopted on 16聽December聽2020 following interinstitutional negotiations. In the light of new developments, the MFF was revised in December聽2022 and then again more substantially in February聽2024.
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