section_path: Politics/Budget
section_name: Budget
paragraph_text: Budget
  
  The European Union had an agreed budget of €170.6 billion in 2022. The EU had a long-term budget of €1,082.5 billion for the period 2014–2020, representing 1.02% of the EU-28's GNI. In 1960, the budget of the European Community was 0.03 per cent of GDP.
  
  Of this, €54bn subsidised agriculture enterprise, €42bn was spent on transport, building and the environment, €16bn on education and research, €13bn on welfare, €20bn on foreign and defence policy, €2bn in finance, €2bn in energy, €1.5bn in communications, and €13bn in administration.
  
  In November 2020, two members of the union, Hungary and Poland, blocked approval to the EU's budget at a meeting in the Committee of Permanent Representatives (Coreper), citing a proposal that linked funding with adherence to the rule of law. The budget included a COVID-19 recovery fund of €750 billion. The budget may still be approved if Hungary and Poland withdraw their vetoes after further negotiations in the council and the European Council.
  
  Bodies combatting fraud have also been established, including the European Anti-fraud Office and the European Public Prosecutor's Office. The latter is a decentralized independent body of the European Union (EU), established under the Treaty of Lisbon between 22 of the 27 states of the EU following the method of enhanced cooperation. The European Public Prosecutor's Office investigate and prosecute fraud against the budget of the European Union and other crimes against the EU's financial interests including fraud concerning EU funds of over €10,000 and cross-border VAT fraud cases involving damages above €10 million.