More flexibility, less control?
Reorientation of the financial instrument for the EU's future partnership policy
On July 16, the European Commission presented a first draft of the next Multiannual Financial Framework (MFF), the seven-year EU budget for 2028-2034. The initial proposal allocates €1.98 trillion for the next seven years. The package also includes a first draft regulation for the so-called “Global Europe Instrument” : this is to become the central financial instrument in the new MFF for shaping the EU's relations with its global partners. In many respects, the regulation represents the paradigm shift in European development policy that has been gradually taking place over the past few years towards a partnership policy that places greater emphasis on the EU's own interests.
At the same time, the first draft also reflects the awareness that the EU finds itself in a different geopolitical environment than it did at the beginning of the current MFF (2021). Accordingly, the draft contains numerous innovations that attempt to take these circumstances into account. Some of these are nevertheless controversial and are likely to meet with opposition in some cases, particularly regarding the European Parliament's (EP) and Member States' limited powers of oversight. In any case, the negotiations between the Commission, the EP, and the Member States on the MFF, which are expected to last another year and a half, are likely to result in a number of fundamental changes that will also affect the Global Europe Instrument.
