The European Union is bracing for a smaller budget for the 2028-2034 period, scaling back plans originally set by the European Commission.
- Ireland, currently holding the EU Council presidency, proposed a budget of 1.62 trillion euros, an 8% cut from the initial 1.76 trillion euro proposal.
- These new figures will serve as the starting point for heated discussions among EU leaders beginning next week.
- Germany and other fiscally conservative nations are pushing for even deeper cuts during these negotiations.
Leaders hope to finalize the budget agreement before the end of this year.