ABSTRACT
The European Union receives part of the VAT charged on goods from Member States. Each country also gives a share of its Gross National Product (GNP). In addition, the EU collects customs duties from nonEU countries on goods which are imported into the EU. These financial resources are then redistributed into specific funds and budgets which support action in the Member States. The EU budget in 1998 is ECU 83. 5 billion. Total EU resources are limited to just over 1.2 per cent of total Community GNP. The ECU is valued at around 80p.
