Ursula von der Leyen Unveils €2 Trillion EU Budget Plan for 2028–2034 to Strengthen Europe’s Global Power
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In a pivotal address to the European Parliament in Brussels, European Commission President Ursula von der Leyen presented her vision for the 2028–2034 Multiannual Financial Framework (MFF) — a sweeping, €2 trillion budget proposal designed to make Europe “stronger, faster, and more independent.”
Speaking before Members of the European Parliament, von der Leyen outlined a financial blueprint she described as Europe’s “budget for independence,” emphasizing the need for flexibility, ambition, and strategic investment amid global uncertainty. She recalled the crises of recent years — from pandemic recovery to geopolitical shocks — warning that Europe “cannot face this dangerous world with one hand tied behind its back.”
The Commission’s proposal features three major pillars. The first centers on national and regional partnership plans, combining cohesion, agriculture, fisheries, social, and migration funding into a single, streamlined framework. Von der Leyen pledged to preserve key support levels, including at least €218 billion for less developed regions, €294 billion for farmers, and €2 billion for fisheries, while introducing inflation-adjusted farm income and a 43% climate investment target.
The second pillar introduces a Competitiveness Fund — a new instrument to drive innovation and industrial resilience, tightly linked to an expanded Horizon Europe programme, which the Commission plans to double in size. The fund aims to simplify access for businesses and foster “technologies and jobs of the future made in Europe.”
The third pillar, Global Europe, foresees a 75% increase in external spending. The funds will target energy security, raw materials, humanitarian aid, and partnerships with key global partners — particularly Ukraine, Moldova, and the Western Balkans — as part of the EU’s enlargement and geopolitical strategy.
Von der Leyen also proposed a new governance mechanism, giving Parliament and Council a stronger role in setting yearly priorities and reacting swiftly to crises. “This is not just a boost for Europe’s ability to act — it’s a boost for our democracy,” she said.
She warned that delays in adopting the new MFF could cost Europe dearly: nearly €340 billion from the current budget may remain unspent by 2027, leaving farmers, researchers, and regions without timely support. “We cannot afford to leave billions unused,” she told MEPs, urging swift action ahead of the next electoral cycle.
Framing the MFF as both a fiscal and political renewal, von der Leyen concluded with a call for unity: “The new budget is an opportunity to transform our Union — to make it stronger, faster, more strategic, more independent, and more democratic. Let’s bring it to life together.”
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