The European Commission unveiled its proposed Multiannual Financial Framework (MFF) 2028-2034, suggesting a long-term EU budget close to €2 trillion, or 1.26% of the EU’s gross national income. The proposal aims to simplify funding, boost resilience, and direct investment across areas such as cohesion, agriculture and rural development, digital and innovation, security, and neighbourhood policy.  

A central feature is the introduction of a European Competitiveness Fund, which combines 14 existing instruments into one streamlined programme. It will focus on four sectors:  

• clean transition and decarbonisation,  
• digital transition,  
• health, biotech, agriculture and bioeconomy;  
• defence, and space    

The fund will simplify access by providing a single gateway for applicants. It will build on existing programme structures and work in close coordination with Horizon Europe, offering faster and simpler access to grants, including support for frontier research, innovation ecosystems, and collaborative research under common rules.

The proposal also directs renewed funding into cohesion and agriculture through a consolidated mega fund combining regional, social, rural, and maritime prosperity budgets. The aim is to deliver more flexibility and place-based investment through National and Regional Partnership Plans, which set out how EU funds will be programmed and invested in each Member State in cooperation with the Commission.

You can read the full outline of the 2028-2034 EU budget proposal on the European Commission’s website.