The European Commission has presented a draft budget for the European Union's joint expenditure in 2027 worth €200 billion ($231 billion) with a focus on strengthening competitiveness and security.
"While Europe is facing real pressures, from security concerns to a challenging economic environment, this budget ensures that Europe stays focused on its core priorities: making Europe safer, stronger, and more competitive," said EU Budget Commissioner Piotr Serafin on Wednesday.
"It is a responsible and forward-looking budget that protects key priorities and delivers results for people across the Union," he said.
The commission manages the EU's budget, which is funded by contributions from capitals and certain taxes and custom duties, and is used to finance the bloc's wide range of joint programmes and initiatives.
The 2027 budget draft bill aims to strengthen "Europe's security and defence preparedness, as well as supporting investments in defence research, industrial capacity, military mobility, and strategic resilience," a press release said.
Additional funding is to be made available to EU countries for the implementation of the bloc's new asylum and migration rules.
The European Parliament and EU countries are now to put forward their own positions before agreeing on the final priorities and amounts.
This year's budget amounts to roughly €190 billion.
The budget of 2027 is the last annual budget which is part of the current EU long-term budget framework. The next long-term budget for the years 2028 until 2034 is currently being negotiated.
