World Economy

EU Aims for Stronger Growth With $193b Budget

EU Aims for Stronger Growth With $193b BudgetEU Aims for Stronger Growth With $193b Budget

The European Union›s €166 billion ($193.5 billion) budget for 2019 will “invest in a stronger and more resilient European economy”, it has announced.

Nearly €80 billion will be allocated specifically to supporting economic growth in the region, including €12.5 billion on research and innovation and €2.6 billion on education under the Erasmus scheme, Public Finance International reported.

The overall budget draft shows a 3% commitment increase, compared to 2018.

Commissioner Gunther Oettinger, in charge of budget and human resources, said: “We are proposing an ambitious budget that continues to support our priorities, in particular on investment, jobs, youth, migration, solidarity and security, and that delivers European added value for our citizens.

“We need stability for the EU and I look forward to reaching an agreement with parliament and council as soon as possible.»

Additionally, €1.5 billion will go to help refugees in Turkey, €3.8 billion will be given to infrastructure networks and €233.3 million will be allocated to help young people in the regions where unemployment is high.

The budget also sets out €5 million commitment to the creation of a new European Public Prosecutor’s Office, which will prosecute cross-border crime, including fraud, money-laundering and corruption. It will also take steps to protect against cyber attacks.

To support its member states implement structural reforms, the bloc has allocated €40 million to extend its Structural Reform Support Program.

The 2019 budget proposal is designed to optimize funding for existing programs as well as new initiatives, as part of the current 2014-2020 long-term EU budget period.

It is based on the premise that the UK will continue to contribute to and participate in the EU budget until 2020, despite leaving the bloc in March 2019.

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