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EU BUDGET: PRELIMINARY DRAFT FOR 2004 IN THE PIPELINE.

Working into the equation the outcome of the December 12-13 Copenhagen European Council (see European Report 2737), the European Commission will present in early 2003 its proposal for adjustment of the medium-term financial perspective with a view to enlargement, along with an indicative financial framework for the EU-25 adjusted to 2004 prices. The Commission has already updated the financial perspective in terms of growth and inflation, as the basis for the Preliminary Draft Budget for 2004.

Under the new system of own resources, which entered into force on March 1, 2002 (see European Report 2660), GNP (gross national product) is defined as GNI (gross national income) as determined in application of ESA95 (European System of Accounts 95). Recalculated in this way, appropriations for commitments for the EU-15 for 2004 amount to Euro 102.995 billion, or 1.05% of GNI. The corresponding appropriations for payments amount to Euro 101.543 billion, or 1.03% of GNI.

Factoring in the amount available for accession, the ceiling for appropriations for payments comes to Euro 111.362 billion (1.13% of GNI of the EU-15), which, on the basis of current economic forecasts, leaves a margin of Euro 10.344 billion (0.11% of GNI of the EU-15) under the own resources ceiling.

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Publication:European Report
Article Type:Brief Article
Geographic Code:4E
Date:Jan 4, 2003
Words:210
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