Financing the European Community (Chatham House Papers)

The operation and structure of collective revenue and expenditure are always the subject of lively debate in the European Community. In February 1988 agreement was reached on the so-called Delors package, which sets the framework for the EC budget over the longer term. This agreement made important innovations with regard to the level of agricultural expenditure, spending on other policies and the development of own resources. Subsequent decisions altered the institutional arrangements for managing the EC budget. This paper examines the implementation of these decisions and assesses the implications for the future financing of the EC.