EU budget 2014 : financial report

The 2014 EU budget was the first one to be implemented under the 2014-2020 multiannual financial framework (MFF). It was also the first budget in EU history that was lower than the previous year's. It amounted to EUR 143 billion in commitments, representing around 1 % of EU gross national income (GNI), and EUR 139 billion in payments. The 2014 budget had a transitional character as it was at the crossroads of two programming periods: the 2014-2020 programmes needed to start swiftly while the 2007-2013 programmes had to be finalised, thus leading to a record level of payment needs to honour past commitments. It was more than ever an 'investment tool'. In many EU Member States it was even the main source of investment. It focused primarily on boosting growth, jobs and investment, for example through the creation of the Youth Employment Initiative targeting young people who were not already working, studying or training. It also supported enhanced access of small and medium‑sized enterprises (SMEs) to finance via a new programme, 'Competitiveness of enterprises and small and medium‑sized enterprises' (COSME). Moreover, during this year all EU institutions continued to reduce their staff levels by 1 % so as to meet the 5 % staff reduction target over 5 years.