Budgets Committee at the European Parliament approved the transfer of €714 million from 46 budget lines with surpluses to 57 budget lines that lack adequate funding. According to this Committee, EU 2011 budget needs an extra €550 million despite the housekeeping transfers.

The European Parliament's Budgets Committee approved in an end-of-year housekeeping operation on the EU's 2011 budget, the transfer of €714 million from 46 budget lines with surpluses to 57 budget lines that lack adequate funding. Despite this "Global Transfer" operation, the European Commission considers more money is needed to meet outstanding financial obligations for 2011.

The European Commission estimates the additional needs at €1,142 million until the end of this year. €592 million of this might be taken later from unspent funds from the rural development projects budget. If no solutions are found, funding for European Social Fund projects and research projects in the field of nanotechnology and information and communications technology development could be seriously delayed. In addition, MEPs already want to foresee these budget problems in 2012 approving the Commission's Proposal without Council's amendments.

The revised European Commission forecast on the revenue side shows an increase in revenues of €1.277 million, due to higher than expected GNI- and VAT revenues and a substantial increase of other revenues, like fines and interest on late payments (+€662 million). All in all - and despite the additional €550 million the Member States would have to add to the budget - their contributions for 2011 would decrease by €726.6 million.