![President Antonio Tajani signs the 2018 budget into law. [European Parliament]](https://static.srpcdigital.com/styles/1037xauto/public/2017/12/01/tajanisigns-800x450.jpg)
The European Union on Thursday adopted its 2018 budget, amounting to €160.1 billion ($189.7 billion) in commitments - an increase of 0.2 percent compared to 2017.
The EU said total payments amount to €144.7 billion ($171.5 billion), rising 14.1 percent from last year.
"Payments increase significantly because the implementation of the 2014-2020 programs is expected to reach full speed in 2018," the EU said.
Märt Kivine, deputy finance minister of Estonia and chief Council negotiator for the 2018 EU budget, said that the Parliament and the Council shared the same two main priorities for the financial year 2018: to tackle migration and security, and to boost innovation, growth and employment in Europe.
“I am convinced that we have achieved a good and balanced result, allowing the Union to act and to react to the various needs”, Kivine said.
The biggest portion of the budget -- €11.2 billion ($13.4 billion) -- will be allocated to the EU's research and innovation programs; this is an increase of 8.4 percent compared to 2017.
The bloc, meanwhile, said Turkey's pre-accession funds have been cut by €105 million ($124.4 million).
