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Balancing Investment & Austerity
09 December 2011
The Ecofin Council (bringing together ministers of finance and the economy of the 27 EU Member States) and the European Parliament have reached an agreement on the EU budget for 2012. As a result of this compromise, the limit on payments for 2012 was set at €129.088 billion. This represents a 1.86% increase over the 2011 budget.
This is slightly below the average inflation rate of 2% for the EU27. In the 2012 budget, particular attention is being paid to programmes aimed at stimulating growth and employment such as the 7th Research and Development Framework Programme (FP7) and the Competitiveness and Innovation Framework Program (CIP). These contribute towards reaching the targets set by the Europe 2020 Strategy for smart, sustainable and inclusive growth. More funds will also be allocated to the area of freedom, security and justice with an additional €9 million being made available for FRONTEX and the European Refugee Fund.
