The latest imperatives for the transformation of the EU budget system

Abstract

Introduction. In the context of the COVID-19 pandemic, military-political, migration, terrorist, environmental and other security threats, European integration ambitions of Ukraine and other Eastern European countries, there is a markedly growing cognitive interest in various aspects of the EU’s functioning, including its financial and budgetary provisions.  Analysis of recent research and publications. There are many attempts by European scientists to interpret and justify the structure of the revenues and expenditures of the EU budget.  Materials and methods. The study is based on a systematic approach and is carried out using methods of empirical, historical-comparative, structural analysis, financial and statistical, graphic and some other general scientific methods.  Results. In addition to structural composition of two parts inherent in any budget – revenue and expenditure – the EU budget system is cha-racterized by the presence of a number of additional elements and mechanisms due to the supranational features of its formation and dynamic target guidelines for the development of the integration association itself. In recent years, it has undergone significant transfor-mations. In order to promote accelerated post-pandemic recovery, an unpre¬cedented financial instrument «New Generation EU» has been created in the EU. Such new financial instruments as the Recovery and Resilience Facility, InvestEU and RescEU programs.  Conclusions. The EU’s system of political priorities has been significantly transformed in recent years under the influence of the latest challenges and threats. From the fiscal point of view it improves the chances for Ukraine to implement its European integration aspirations after 2027.