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Notable trends in the EU budget

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Author Info

  • P. Butzen

    (National Bank of Belgium, Research Department)

  • E. De Prest

    (National Bank of Belgium, Research Department)

  • H. Geeroms

    (National Bank of Belgium, Research Department)

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    Abstract

    The European Union budget has a number of specific characteristics which make it different from the budgets of the Member States : in principle, it must never be in deficit, and there is a special decision-making procedure. The structure and maximum expenditure are specified for a 7-year period in the Financial Perspective. In relation to GDP and national budgets of the Member States, the EU budget is small. It is increasingly funded on the basis of the size of the gross national income of each Member State whereas import levies and VAT-based transfers from the Member States are becoming less important. The United Kingdom receives a special rebate. The importance of the Common Agricultural Policy, historically the largest EU expenditure item, is steadily diminishing in favour of expenditure on cohesion policy. Since the beginning of the 1990s, the Common Agricultural Policy has undergone a radical reform. Opinions differ on the contribution made by the cohesion policy towards income convergence between regions in the EU. The Commission’s proposals regarding the Financial Perspective for 2007-2013 embodied an important increase in expenditure and placed the emphasis on the attainment of the Lisbon objectives. Protracted negotiations at European Council level led to a compromise in December 2005 and following difficult negotiations with the European Parliament, a new Interinstitutional Agreement was signed on 17 May 2006.

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    File URL: http://www.nbb.be/doc/oc/repec/ecrart/ecorevII2006_H4.pdf
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    Bibliographic Info

    Article provided by National Bank of Belgium in its journal Economic Review.

    Volume (Year): (2006)
    Issue (Month): II (September)
    Pages: 49-67

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    Handle: RePEc:nbb:ecrart:y:2006:m:september:i:ii:p:49-67

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    Related research

    Keywords: European Union; EU budget; Financial Perspective; Common Agricultural Policy; Cohesion policy;

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    References

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    1. Sala-i-Martin, Xavier X., 1996. "Regional cohesion: Evidence and theories of regional growth and convergence," European Economic Review, Elsevier, vol. 40(6), pages 1325-1352, June.
    2. Sjed Ederveen & Joeri Gorter & Ruud de Mooij & Richard Nahuis, 2003. "Funds and Games: The Economics of European Cohesion Policy," Occasional Papers 03, European Network of Economic Policy Research Institutes.
    3. Sjef Ederveen & Henri de Groot & Richard Nahuis, 2002. "Fertile soil for structural funds? A panel data analysis of the conditional effectiveness of European cohesion policy," CPB Discussion Paper 10, CPB Netherlands Bureau for Economic Policy Analysis.
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