The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

European Union Budget

  • Mojmir Mrak
Reference work entry


The EU budget is a tool through which money is collected and allocated for EU policies and objectives as well as for the tasks transferred to it from the national level. This article starts by presenting the concept and evolution of the EU budget. It then discusses the principles and procedures governing its adoption and implementation, presenting the key features of the expenditure and revenue sides of the EU budget. The main deficiencies of the EU budget are addressed, including the problems of correction mechanisms and net balances. Finally, the challenges faced by the EU at the outset of the negotiations about the post-2013 EU budget are outlined.


EU EU annual budget EU medium-term financial perspectives Public finances 

JEL Classifications

E42 E5 E50 E52 G1 
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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Mojmir Mrak
    • 1
  1. 1.