EU budget talks blocked, new summit in March likelyChristian Fernsby ▼ | February 21, 2020
Major contributors to the European Union’s budget blocked progress at an emergency summit today, insisting that they would not stump up more funds for the bloc’s next long term spending package, worth around one trillion euros ($1.1 trillion).
Economy in Europe EU Council President Charles Michel
EU Council President Charles Michel, who met with EU leaders throughout the night trying to broker a compromise, has tabled a draft budget of 1.074% of GNI. The European Parliament wants an ambitious 1.3%, while the EU’s powerful executive arm, the European Commission, prefers 1.11%.
Danish Prime Minister Mette Frederiksen said that another summit would be required, probably in early March.
Broadly speaking, the Frugal Four with the backing of Germany are lined up against the Friends of Cohesion, a group of mainly central and eastern European nations who want to see the continued flow of “cohesion funds” money earmarked to help develop poorer regions. ■