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EU Economic and Financial Affairs Council to discuss 2022 budget

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EU Economic and Financial Affairs Council to discuss 2022 budget

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The EU’s Economic and Financial Affairs Council will meet today to discuss the bloc’s 2022 budget.

The Council meeting is to discuss bridging the gap between the Council and European Parliament’s respective positions on the 2022 budget and agree on a joint plan. They hope to create a budget to meet priority needs. The Council and Parliament’s numbers differ by about $4.58 billion.

The Council has prioritized economic recovery from the pandemic and protecting against unforeseen future crises. This would involve heavy investments in green and digital technologies to position Europe as the global leader in combating climate change and ensuring citizens’ online privacy and safety. Today’s budgetary decisions will set the stage for the bloc’s future development in these key areas for years to come.

Expect the Council to revise their numbers upwards to move closer to the Parliament’s proposal. They will likely pull money out of the long-term multiannual financial framework for emergencies and reallocate it towards the Horizon Europe climate research and investment program. Short-term, this will further European advancements in electric car development and clean energy infrastructure. Long-term, however, this would hurt Europe’s future resilience against climate disasters as the planet continues to warm.

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