You're listening to the European Parliamentary Research Service podcast on the midterm review of the current multi-annual financial framework.

In this podcast, we're going to talk money, EU money. The current multi-annual financial framework, which lays down spending ceilings for the period 2014-2020 is approaching review time.

Indeed, the Commission is expected to make a proposal for a review and revision of the

MFF before the end of 2016.

The question is, in light of the various recent crises and new political priorities,

how thorough will this review be?

And how big, if any, the modifications proposed by the Commission?

The European Parliament has a lot to say. We'll give you a taste of it in this podcast.

Let's start by explaining what we're talking about.

The multi-annual financial framework, or MFF,

is a mechanism first introduced in 1988 to improve budgetary discipline,

predictability of expenditure, and to ensure the smooth financing of EU policies.

How does it do that?

Basically, it lays down the maximum annual amounts

that the EU can spend in different political fields for seven years.

So the current framework was adopted in 2013 and covers the 2014 to 2020 period, which means its review time.

Indeed, despite being the fifth of its kind, it is the first MFF to take the form of a regulation containing provisions for a midterm review that may

lead to its revision. So all eyes are now on the Commission, which is expected to come up with

a review and possible revision of the rules before the end of 2016. So how does this process work?

Well, according to the rules, the midterm review should take into account the changes in the economic

situation of the EU 28 and macroeconomic projections.

But it is also an opportunity for the newly elected EU institutions to reassess the political

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