"Today is a good day for Europe and I take great pride and happiness in it. Through its overwhelming vote in favour of the European budget for 2014-2020, the European Parliament has opened the way for putting in place a seven year growth and jobs fund worth almost 1,000 billion euros for the next 7 year.

We have spared no effort over the last two years to reach this point by helping the European Parliament and the Council find common ground on what is traditionally the most complex, the most sensitive and the toughest negotiations in the European Union.

Over the last two years, the European Commission has worked hard on behalf of tens of millions of beneficiaries of EU funds for the 2014-2020 period. Now we can be confident that they will receive the crucial financial support they need from 1 January 2014".

What comes next?

• The European Parliament must give its formal consent ("yes" or "no"; no amendments) once the Council adopts its draft MFF regulation. This is done by "a majority of its component members". The Parliament could vote on it in autumn. This is subject to the conditions it has set it its resolution being fulfilled.

• The Council must formally adopt the regulation at unanimity following Parliament's consent.

• The final package consists of a number of documents: the MFF regulation itself, setting expenditure ceilings for the next seven years, but also the inter-institutional agreement that focusses more on the practical implementation of the MFF and on budgetary rules for the 2014-2020 period; various declarations (on own resources for instance)