On 27 May, the European Commission proposed a 2016 EU Budget, consisting of EUR 143.5 billion in payment credits (money that is actually paid out) as well as EUR 153.5 billion in commitments (funding that can be agreed in contracts during a year). The money, which in “real terms” is roughly equal to that of the 2015 budget, will be heavily invested to boost growth, employment and competitiveness. Indeed roughly half the budget (aprox. EUR 66.58 billion) is envisaged for this purpose.

Erasmus+ and EFSI are expected to be two of the main beneficiaries of this budget: Erasmus+ will receive EUR 1.8 billion, a raise of over 30% since last year. The European Fund for Strategic Investment (EFSI), meanwhile, will receive the expected EUR 500 million in payments, plus almost EUR 2 billion in commitments.

"Our 2016 budget supports the economic recovery through investment for growth and jobs, as well as helping manage external challenges such as migration,” said EU budget commissioner Kristalina Georgieva. “We are responding to the most pressing needs in Europe." The draft will now be sent to the European Parliament as well as EU Member States, who will decide on the final budget.