By June 27, 2013 Read More →
New Budget Deal Sees First-Ever Cut in EU Spending

New Budget Deal Sees First-Ever Cut in EU Spending

Today, the leaders of the EU’s three major institutions (the Commission, the Council and the European Parliament) have come to an agreement on the 2014 – 2020 budget. The negotiations, which have been ongoing since late 2012, were initially hindered by disagreements between member states over whether to cut spending. Austria, the Czech Republic, Finland, Germany, the Netherlands, Sweden and the United Kingdom were all in favour of cutting the amount initially proposed by the Commission by € 100 billion. On the 8th of February 2013, EU leaders agreed to cut the budget by 3.3 percent.

The new budget includes provisions for tackling youth unemployment, a topic which is at the forefront of the agenda of the EU summit taking place in Brussels today and tomorrow.

The EU budget for 2014 to 2020 is set at € 960 billion. The European Parliament will vote on the proposal on the 9th of July. By contrast, the budget for 2007 was € 120.7 billion and € 864.3 billion for the period 2007 – 2013. These figures represent 1.1 and 1.05 percent of the EU-27’s GNI respectively.

Read More:

European Union Makes Surprise Deal on Budget – New York Times

EU leaders reach 2014 – 2020 budget agreement – Euronews

Juergen Baetz and Angela Charlton – EU budget, banking deal boosts leaders’ summit – boston.com / Associated Press

(Wikimedia Commons image courtesy of Lemonc)

About the Author:

Sebastian Andrei is NABATAEANS’ editor for EU - Middle East Trade and Political Relations. He completed his undergraduate studies at the University of Vienna, where he majored in journalism with minors in political science as well as business and economics. Sebastian is responsible for reporting on the European Union’s external trade relations. He also writes about economic development and investment opportunities in Europe as well as about policy changes which affect the EU common market.

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