(VOVworld) – The European Union has reached an agreement on the 2014 budget which includes 135 billion euros in payments and 142 billion euros in commitments.

The 2014 budget is 8 percent lower than in 2013. The EU agreed to allocated more funding to prioritized areas such as economic growth, jobs, innovation, and humanitarian aid. EU Finance Ministers and legislators will authorize the new budget on November 19 and 20.