European Union leaders on Friday asked Ireland, which takes over the rotating EU presidency in July, to propose by October new sources of money for the EU budget for 2028 to 2034 to defuse tensions between its net contributors and beneficiaries.
The EU budget is how the 27-member bloc finances all of its policies – from supporting farmers and developing new technology to student exchange programs and equalizing standards of living across member states.
According to the initial European Commission proposal, the 2028-2034 budget should be €2 trillion. The Cypriot EU presidency last week proposed a cut of 2%, which was not enough for some and too much for others.
Bitter fight for unanimous deal
Richer EU countries pay more into the budget than they get out of it, while poorer ones receive more than they pay. Every seven years, the two groups fight bitterly to reach a unanimous deal needed for the budget to pass.
