Economic and Financial Affairs Council, 16/11/2016, 16 November 2016

Main results

The Council and European Parliament reached agreement on a 2017 EU budget. Total commitments were set at €157.88 billion and payments at €134.49 billion. 

To tackle the migration crisis and reinforce security the Council and the Parliament agreed to increase commitments by around 11.3% compared to 2016 to reach €5.91 billion. The money will be used to help member states in the resettlement of refugees, the creation of reception centres, the support for integration measures and the returns of those who have no right to stay. It will also help to enhance border protection, crime prevention, counter terrorism activities and protect critical infrastructure.

Commitments of €21.3 billion were agreed to boost economic growth and create new jobs under sub-heading 1a (competitiveness for growth and jobs). This is an increase of around 12% compared to 2016. This part of the budget covers instruments such as Erasmus+ which increases by 19% to €2.1 billion and the European fund for strategic investments which raises by 25% to €2.7 billion. The 2017 EU budget also includes €500.00 million in commitments for the youth employment initiative to help young people to find a job. Further €500.00 million were agreed for supporting milk and other livestock farmers with additional support measures announced in July.

The strength of the 2017 EU budget lies in its focus on priority measures such as addressing migration, including by tackling its root causes, and encouraging investment as a way to help stimulate growth and create jobs. This maximises the budget's impact to the benefit of EU taxpayers, European citizens and companies. And it respects member states' continued efforts to consolidate their public finance.

Ivan Lesay, state secretary for finance of Slovakia and President of the Council

The 2017 EU budget is expected to be formally adopted by the Council on 29 November and the Parliament on 1 December.

• EU budget for 2017
• How the EU budget works