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EU budget and new research & education programmes for 2014 to 2020 approved

The European Parliament and Council of the EU have formally approved the overall EU budget, known as the Multi-Annual Financial Framework (MFF), for the 2014 to 2020 programming period.

This brings to an end the lengthy series of negotiations on the MFF. The budget totals EUR 960 billion in commitments (a ceiling for the maximum budget which can be assigned to EU programmes during a given period) and EUR 908 billion in payments (the money which is actually paid out).