EU Council agrees position on 2027 draft budget

BRUSSELS -- The Council of the European Union (EU) on Wednesday agreed its position on the EU's draft annual budget for 2027, the seventh and final annual budget under the bloc's 2021-2027 multiannual financial framework.

The Council's position sets the 2027 budget at 191.88 billion euros ($218.7 billion) in commitments and 202.07 billion euros ($230.36 billion) in payments, excluding funding for special instruments outside the EU's long-term budget.

The Council said it had adopted a prudent approach based on realistic budgetary principles.

Simon Harris, Ireland's deputy prime minister and minister of finance, said: "The Council's position on the 2027 EU budget would ensure that we have the financial capacity to navigate ongoing complex geopolitical realities that demand swift and decisive action."

The Council said the budget should provide adequate funding for the implementation of EU policies and programs, while preserving the bloc's ability to respond to the conflicts in Ukraine and the Middle East, as well as migration pressures.

It also called for sufficient financial margins under the 2021-2027 budget ceilings to address unforeseen circumstances and ensure that commitments already made can be paid on time.

The Council will formally adopt its position on the 2027 draft budget in September. The legal deadline for the Council and Parliament to reach an agreement on the 2027 budget is midnight on Nov 16, 2026.