New proposals aimed at improving financial parity between clubs across Europe have been unveiled by the continent's governing body, Union des Associations Européennes de Football (UEFA).

The Professional Football Strategy Council (PFSC), which comprises representatives from European league administrators, players and clubs, has recommended that the Financial Fair Play concept be approved by UEFA's executive committee when it meets in Nyon, Switzerland, on 14-15 September. It is hoped that the strategy will safeguard the long-term stability of club football across Europe through a set of measures, including an obligation for clubs to ensure that they break even by not spending more than is generated in revenue.

Long-term investment in youth development and upgraded facilities is also at the heart of UEFA's proposals, which will go beyond the current UEFA club licensing system. If approved, the Financial Fair Play concept will be introduced in all UEFA competitions from the 2012-13 season. UEFA president Michel Platini said: "Financial Fair Play is crucial in order to promote the long-term sustainability of European football and is entirely consistent with the sporting values we have in Europe. I have been asked by many clubs right across Europe to take action in order to protect our game.

"Now, thanks to the forward-looking approach to develop these measures taken by all the stakeholders involved, including the national associations, the leagues, the players, and particularly the clubs, we are all in agreement. The principle has now been established and this is a major breakthrough." European Club Association chair, Karl-Heinz Rummenigge, added: "We have now agreed on the principles, the objectives and the time frame to start curing our football. Of course, this is still work in progress and we will carry on meeting regularly with UEFA to work on the technical and practical implementation of these measures."