The opinion "Budget 2014-2020", adopted at the European Economic and Social Committee (EESC) plenary session, highlights that the financial framework for 2014-2020 must make sure that the EU is able to cope with the upcoming challenges. These challenges can only be overcome with an ambitious and efficiently structured budget, according to EESC members.

The European Economic and Social Committee (EESC) adopted in plenary session the opinion "Budget 2014-2020" which reiterates that in view of the current economic crisis, the way out is an ambitious European political and economic project, focused on Growth and Employment. The opinion analysed the Commissions budget proposal and stood up for simplifying its structure, the introduction of a new system of own resources and focusing on Europe's strategic objectives. In March 2012, the Multiannual Financial Framework for 2014-2020 was also discussed by the Council.

In the opinion, the EESC welcomes the commission's move to improve and simplify the structure of the EU budget and the attempt to deflate the issues of fair return and horizontal fairness between Member States. On the revenue side, the EESC supports the introduction of a new system of own resources that includes a modified VAT resource and the financial transaction tax (FTT). The Committee also suggests exploring the idea of creating new financial instruments, like bonds, however subject to a detailed study of the risk transfer to the public sector.

Members of the EESC stressed that the EU budget must be transparent and efficient in order to gain credibility in the eyes of the European public and to make clear what the cost of non-Europe would be. On the expenditure side, the Committee highlights that a major role should be given to the principle of the "added European value", where a Euro spent at EU level is more effective than one spent at national level.