The European Parliament adopted the EU’s 2007 budget setting payments at €115.5 billion (US$ 153.2 billion), or 0.99 percent of the bloc’s gross national income.
The 2007 budget, the first for an EU of 27 states, was adopted after the parliament won guarantees from governments to make EU spending more transparent and better inform the EU assembly about their foreign policy initiatives.
Bulgaria and Romania are joining the 25-nation bloc in January.
The budget is still dominated by agriculture payments, which eat up €56.3 billion (US$74.6 billion). But the parliament managed to boost spending on research and innovation, and add extra money to fund Galileo, the EU’s flagship satellite navigation project that is being developed as a rival to the U.S. GPS system.
"The new budget will give a significant boost to innovation, transport, education and training programs, bringing concrete improvements which should benefit many people across the EU," said EU Budget Commissioner Dalia Grybauskaite.
Source: Herald Tribune