Press release - MEPs clear way for new sources of EU revenue

With 440 votes in favour, 117 against and 77 abstentions, MEPs have taken an important step towards implementing an amendment to the law governing the EUs revenue, the so-called Own Resources Decision (ORD).

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European ParliamentEuropean Parliament
URL: 
https://www.europarl.europa.eu/news/en/press-room/20221118IPR55703/https://www.europarl.europa.eu/news/en/press-room/20221118IPR55703/
Retrieved on: 
Tuesday, November 29, 2022
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Tags: 
Carbon, Pillar, OECD, Emission, Union, European, G20, ORD, Council, Parliament, Next Generation, Tax, Member of the European Parliament, EPP, Unanimity, European Parliament, Commission, European Green Deal, ETS, NGEU, EUR, Income, CBAM, Budget, Renewable energy, Bank, EU
Geotags: 
EUROPEAN UNION
Summary
Key Points: 
  • With 440 votes in favour, 117 against and 77 abstentions, MEPs have taken an important step towards implementing an amendment to the law governing the EUs revenue, the so-called Own Resources Decision (ORD).
  • They add that the Commission needs to take further timely actions if the proposed new own resources are not adopted or do not generate the anticipated level of revenue.
  • Hence the increasing importance of new revenues to pay off the debt and to face new challenges through common projects.
  • Background
    The ORD is the legal basis that provides for the revenue sources of the EU budget, and it is also the legal basis authorising funds to be borrowed on the financial markets to finance the Next Generation EU Recovery Instrument (NGEU).
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