The members of the European Union (EU) has adopted a draft EU budget for 2017 on Monday. At a time of continuing budgetary constraint, some cautious reductions were said to be made.
According to a statement released by the European Council, the draft budget for 2017 composed with 156.38 billion euros (175.72 billion U.S. dollars) in commitments and 133.79 billion euros in payments. Compared with the budget of last year, there is a 0.9 percent increase in commitments and a 7 percent decrease in payments. The spending to manage migration flows and to stimulate growth will increase.
"The Council's main objective is to ensure that the limited financial resources available are directed towards the EU's top priorities. These are measures to address the migration crisis and its root causes, and actions to boost Europe's economy and create jobs," the statement said.
On the other hand, budget for some area, such as support for poor EU regions, will be reduced. Meanwhile, the members called on EU institutions to make every effort to reduce their staff by 5 percent by 2017 as agreed in 2013.
The EU budget accounts for 1 percent of the EU's combined Gross Domestic Product (GDP) or approximately 2 percent of the public spending of the 28 EU members.
Britain voted to leave the EU on June 23. However, it will remain a member of the EU until its formal departure. Therefore, Britain will continue to contribute to the EU budget.
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