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welcome to the European parliamentary research service podcast on the annual EU budgetary procedure each year the EU approves the annual budget for the coming year so can continue financing its policies and programs in the fields of agriculture research and innovation border protection and many others but how is this budget prepared and adopted stay with us and well tell you all you need to know about this process to finance all its activities and policies the EU needs money for 2019 for example were talking about one hundred and sixty five point eight billion euros which is around one percent of the EU 28 gross national income this is not to be confused with the EU long-term budget known as the multi-annual financial framework or mff which is a seven year long term spending plan allowing the EU to plan and invest in long-term projects thats right within the boundaries of the MFF the annual EU budget laced on all EU expenditure in revenue for a single financial year which starts in