The second day of the EU summit is underway, with a heavy focus on the bloc's next seven-year budget, which the European Commission has pencilled at €2 trillion.
Cyprus, the country holding the rotating presidency, has proposed a "moderate" 2% cut, worth €32.8 billion, to the original draft. For the countries keen on preserving agriculture and cohesion funds, that is more than enough. But for the "frugals", now self-rebranded as "modernisers", a 2% reduction is nowhere near satisfactory.
The debate on Friday is expected to see leaders double down on their red lines, demands and conditions, all of which remain deeply entrenched, despite a shared goal of reaching a final deal in December at the very latest.
Follow our blog for live updates.
The EU's long-term budget is on the agenda as European leaders gather in Brussels for a second day of a high-stakes summit.
