The European Library originates from the TEL-project, a project co-funded under the European Commission’s 5th Framework Programme.
Since then The European Library is 100% financed by its owners: the Conference of European National Librarians (CENL). The national libraries from each member state of the Council of Europe and Vatican City are eligible to become a member of CENL and also to become a full-participant in The European Library.
Projects that expand The European Library are supported by the European Commission. Recent projects such as TELMEMOR and EDLproject are co-funded under the eContentplus Programme.
NB: This text is taken from the FAQ page of The European Library