EU countries cut budget plan by €141 billion

EU countries have cut the budget plan for 2028-2034 proposed by the European Commission (€1.76 trillion) by €141 billion, or 8%.

This was reported by the Irish presidency of the Council of the EU.

"The proposal provides for savings of 8%, or €141 billion," the statement said.

Thus, the 27 EU countries propose to set the budget plan at €1.62 trillion.

The proposal to curb the European Commission's budgetary appetites was formed under pressure from countries that are net donors to the bloc's budget, whose contributions exceed the European funding they receive — in particular, Germany.

The European Commission's latest proposal for the seven-year EU budget amounted to €1.76 trillion for the entire seven-year period. It includes, in particular, a significant increase in military spending alongside a reduction in agricultural subsidies and aid to the community's depressed regions. Negotiations on the size of the organization's seven-year budget plan, which determines the main parameters for the European Union's annual budgets in the period from 2028 to 2034, must be completed before the end of 2026 so that all countries have time to ratify it.

Source: TASS