(Photo: REUTERS/Yves Herman) (Photo: REUTERS/Yves Herman)

Once adopted, this will be the first budget under the new 2021-2027 multiannual financial framework and the first annual budget proposed by President von der Leyen's Commission.

Johannes Hahn, EU Commissioner for Budget and Administration, said the proposal mobilised unprecedented financial support in an effort to help people, companies and regions overcome the current crisis. He said the long-term budget and Next Generation EU would send a signal of confidence throughout Europe.

The draft budget 2021, boosted by Next Generation EU, will go towards the most crucial recovery needs of the EU Member States and their global partners. Emphasis will be placed on green and digital transitions, creating jobs and strengthening Europe's role in the world.

The Commission is hoping the European Parliament and Council agree on the MFF 2021-2027, in order for the draft budget to be adopted swiftly. The idea is for hundreds of thousands of entrepreneurs, researchers, farmers, and municipalities across Europe to start benefiting from the funds, thus investing in a better future for next generations.

Source: European Commission