Erasmus+, the new European Union programme for education, training, youth and sport, is great news for millions of Europeans. Aimed at boosting skills, employability and supporting the modernisation of education, training and youth systems, the seven-year programme will have a budget of €14.7 billion - 40% higher than current levels. This represents a massive expansion of the world’s biggest and best mobility programme and we take pride in that achievement. It is proof of our commitment to Europe’s young people and the challenges they face.

More than 4 million people will receive support to study, train, work or volunteer abroad, including 2 million higher education students, 650 000 vocational training students and apprentices, 800 000 school teachers, lecturers, trainers, education staff and youth workers, as well as more than 500 000 going on youth exchanges or volunteering abroad.

We believe that Erasmus+ can contribute towards the fight against youth unemployment, improving skills people need in today’s world. Erasmus+ covers all areas of formal and non-formal learning for pupils, students, apprentices, young people and adult learners through its components Comenius, Erasmus, Erasmus Mundus, Leonardo, Grundtvig and Youth in Action.

At a time when parts of our Union are turning in on themselves and extremist ideas are gaining currency, Erasmus+ will bring Europeans together and continue to symbolise some of the European Union’s greatest aspirations and democratic values.

The individual benefits gained from opportunities to study or train abroad are well-known. By spending time abroad, young people improve their language skills, adaptability and self-confidence. They learn how to live and work alongside people with different traditions and backgrounds. The skills gained through this international experience boost their employability and also have an impact on the EU economy as a whole.

Erasmus+ has three main targets: first, around 65% of the budget is allocated to learning opportunities abroad for individuals, within the EU and beyond; second, the programme will support partnerships between educational institutions, youth organisations, businesses, training institutions, local and regional authorities, and NGOs; and, third, it will support reforms to modernise education and training and to promote innovation, entrepreneurship and employability.

In addition to grant support for studies and training abroad, students planning a full Master’s degree abroad, for which national grants or loans are seldom available, will benefit from a new loan guarantee scheme run by the European Investment Fund.

The new Erasmus+ partnerships, called ‘Knowledge Alliances’ and ‘Sector Skills Alliances’, will help bridge the gap between education and the world of work by enabling higher education institutions, training providers and enterprises to work together and more effectively promote innovation and entrepreneurship. This means, for example, developing new curricula to tackle skills gaps.

Smaller-scale strategic partnerships will also seek to encourage cooperation between formal and non-formal learning across all sectors.

By strengthening the European Voluntary Service and international youth exchanges, Erasmus+ will also promote active citizenship and the participation of young people in democratic life.

Finally, Erasmus+ will, for the first time, include a dedicated budget line for sport. It will allocate more than €33 million a year on average to the European dimension in sport by helping to address cross-border threats such as match fixing and doping. It will also support transnational projects involving organisations in grassroots sport, promoting, for example, good governance, social inclusion, dual careers, gender equality, and physical activity for all ages.

Europe is facing tremendous economic and social challenges. We need a change of mind-set in order to emerge from the current economic crisis.

We are convinced that Erasmus+ has a vital role to play in meeting these challenges and giving millions of young Europeans hope for a better future.