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The European budget provides the means to finance EU policies. The EU needs revenue contributions from its Member States, which are established in proportion to the wealth and level of development in each country. Each annual budget is part of the financial outlook for the next seven years to implement the EU's actions. The budget is set by the European Commission and the Member States, with the agreement of the European Parliament. For the period of 2014-2020, the budget amounted to 908.4 billion euros of credit payments.