EU Parliament wants 7-year budget of around €2 trillion

The European Parliament is proposing a €2.01 trillion budget for the 2028-2034 period, to finance the EU’s political priorities and strategic objectives.

This represents an increase of €197.30 billion compared with the European Commission’s July 2025 proposal, excluding NextGenerationEU repayment.

MEPs voted in favour of the increase 370 votes to 201, with 84 abstentions.

This means that the EU Parliament’s wants a long-term budget set at 1.27 per cent of EU Gross National Income (GNI), with debt servicing for the NextGenerationEU recovery fund (0.11 per cent of GNI) kept outside of the budget ceilings.

MEPs stress that the next long-term EU budget must remain an investment tool supporting EU policies, citizens, regions, businesses and small and medium-sized enterprises (SMEs), while securing EU added value compared to national spending. “They firmly opposed any re-nationalisation, rejecting an “à la carte” approach and warning that the Commission’s “one plan per member state” model could weaken EU policies, reduce transparency and create competition between beneficiaries,” the EU Parliament said in a statement.

The MEPs also want strong and adequately funded policies, with distinct allocations for policies under the national and regional partnership plans, including the common agricultural policy and fisheries policy, among others. MEPs are also calling for increased support for key programmes such as the European Competitiveness Fund (ECF), Horizon Europe and Erasmus+.

MEPs also reaffirmed Parliament’s commitment to introducing new own resources to repay NextGenerationEU debt and finance the budget. They support the Commission’s proposed “basket approach” and stress new revenue sources should be adopted with the next MFF and generate around €60 billion annually. If some proposals are dropped, they call for alternatives to be considered, such as a digital services levy, an online gambling levy, an extension of the carbon border adjustment mechanism (CBAM), or a levy on crypto-asset capital gains.

Parliament has now finalised its position on the regulation setting the structure and main figures for the 2028-2034 budget. The Multiannual Financial Framework regulation requires Parliament’s consent for approval, and negotiations can begin once member states agree on a complete common position.