Ministers took note of a revised proposal for the EU's multiannual financial framework (MFF) for the 2014-2020 period in a meeting celebrated on 24 of July. The Cyprus presidency announced its intention to put the MFF on the agenda of each General Affairs Council meeting and to continue work through the instrument of the "negotiating box" in order to reach an agreement on this subject by the end of the year.

The Council held a meeting on 24 of July in which Ministers were informed on the organisation of work during Cyprus presidency term of office with regard to the EU's multiannual financial framework (MFF) for the 2014-2020 period. Ministers for European Affairs will continue their work on the MFF and discuss some key elements of the package at an informal meeting in Nicosia on 30 August. Ahead of the meeting of the European Council in October, it will be discussed at the GAC meetings on 24 September and 16 October. The aim is to reach an agreement by the end of this year. In addition, the Council adopted its position on the 2013 EU draft budget.

On the amended MFF proposals, some delegations considered that the increase of the overall expenditure ceiling was inconsistent with the current context of economic crisis and member states' fiscal consolidation efforts, and reiterated their calls for substantial cuts. Several ministers advocated a top-down approach, meaning that the overall expenditure ceiling would be agreed upon ahead of the discussions on the rest of the MFF package. On the other hand, other ministers stressed the investment character of the EU budget and highlighted in particular the important contribution that cohesion policy makes in terms of growth and employment. They regretted that as a result of the update, the Commission proposed fewer financial resources for cohesion policy in the current 27 member states.

The Cyprus presidency will put the MFF on the agenda of each General Affairs Council meeting and to continue work through the instrument of the "negotiating box". The negotiating box is a paper drafted by the presidency outlining the main elements and options for the MFF negotiations. It is constantly updated as negotiations move forward and is ultimately intended as the basis for an agreement of the European Council. The negotiations are conducted according to the principle that nothing is agreed until everything is agreed.