The EU Budget is the financial plan of the European Union that outlines how funds will be allocated for various programs and initiatives. It is primarily funded through contributions from member states, customs duties, and other revenue sources. The budget supports areas such as economic development, agriculture, and research, aiming to promote growth and cohesion among member countries. Each year, the European Commission proposes a budget, which is then reviewed and approved by the European Parliament and the Council of the European Union. The budget is crucial for implementing EU policies and ensuring that resources are effectively used to benefit all member states.