In a resolution adopted on Wednesday by 356 against 199 votes and 65 abstentions, MEPs offer an assessment of the reform process so far under the “roadmap for the introduction of new own resources” saying that “EU finances are going through a critical period where a lack of reform would have highly detrimental effects on the future the European Union, its policies, objectives and the trust of Europeans and investors in the Union.”

New challenges put the EU budget under heavy strain

MEPs are “highly worried” that the amounts generated by the new own resources will not be sufficient to cover all “Next Generation EU” (NGEU) recovery repayments and borrowing costs, estimated to be at least €15 billion EUR per year until 2058 on average.

The economic and social shock of Russia’s invasion of Ukraine, the heavy impact of inflation on the EU budget and the rising global race to shape the future of clean energy technology manufacturing are additional challenges which…