European Council president unveils proposal for the EU’s next long-term budget—but the figure falls far short of the demands of Europe’s parliament.
Catch up on the developing stories making headlines.BRUSSELS -- The European Council president unveiled Friday his proposal for the EU’s next long-term budget, but the figure falls far short of the demands of Europe’s parliament, which must ratify the spending package, setting the scene for tense negotiations.
Europe’s coffers will shrink with Britain having left the bloc at the end of January. But the new officials who took over leadership of the EU’s main institutions since last year, including Michel, have set ambitious spending targets on climate, the digital economy and research. The EU’s powerful executive arm, the European Commission, has proposed that countries should contribute 1.11% of gross national income. This would generate an overall budget of 1.135 trillion euros for the seven-year period.
The official, who spoke only on condition of anonymity in line with his post's requirements, said that the offer is “an attempt at putting the cursor in the middle of where we believe there is the biggest chance of finding a compromise.”
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