Budget Of The European Union
The European Union has a budget to pay for policies carried out at European level (such as agriculture, assistance to poorer regions, trans-european networks, research, some overseas development aid) and for its administration, including a parliament, executive branch, and judiciary that are distinct from those of the member states. These arms administer the application of treaties, laws and agreements between the member states and their expenditure on common policies throughout the Union. Some 5% of expenditure is on administration, 95% on policies.
To pay for this, the EU had an agreed budget of €120.7 billion for the year 2007 and €864.3 billion for the period 2007–2013, representing 1.10% and 1.05% of the EU-27's GNI forecast for the respective periods.
Read more about Budget Of The European Union: Setting A Budget, Court of Auditors, The EU Budget For 2014-2020
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