Published May 19, 2023, 1:20 p.m. by Violet Harris
The european commission is the executive branch of the european Union, responsible for proposing legislation, implementing decisions, upholding the EU treaties and managing the day-to-day business of the EU.
The commission operates as a cabinet government, with 28 Commissioners representing the interests of the member states. The President of the commission, currently Jean-Claude Juncker, is nominated by the european Council and must be confirmed by the european Parliament.
The commission's civil service, the european commission Directorate-General for Finance (DGFIN), is responsible for ensuring the financial stability of the EU and manages the EU budget.
The european commission is the main source of funding for the european Union. The commission's budget is funded through a variety of sources, including member state contributions, own resources, and value added tax (VAT).
The commission is also responsible for collecting and managing the EU's structural and investment funds. These funds are used to support economic, social, and territorial cohesion across the EU.
The european commission provides financing through a variety of mechanisms, including loans, grants, and equity investments. The commission also provides guarantees for private sector investments in infrastructure and research projects.
The european commission is a major source of financing for small and medium-sized enterprises (SMEs). The commission provides loans and equity investments through the european Investment Bank (EIB) and the european Investment Fund (EIF).
The commission also provides guarantees for private sector loans to SMEs through the european Fund for Strategic Investments (EFSI). The EFSI is a key part of the commission's Investment Plan for Europe, which aims to boost investment in the EU and create jobs.
The commission offers a range of financial instruments to support research and innovation. These include the Horizon 2020 programme, which has a budget of €80 billion for the period 2014-2020, and the Marie Skłodowska-Curie Actions, which support mobility and training for researchers.
The commission also provides funding for infrastructure projects through the Connecting Europe Facility (CEF). The CEF has a budget of €24.05 billion for the period 2014-2020.
The commission is the main source of financing for the Erasmus+ programme, which supports mobility and cooperation in education, training, and youth. Erasmus+ has a budget of €14.7 billion for the period 2014-2020.
In addition to its own programmes, the commission also manages EU-wide programmes such as the Creative Europe programme, which has a budget of €1.46 billion for the period 2014-2020.
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