Europe: EU unveils $2.33-trillion budget proposal
The figure represents an €800-billion ($930-billion) increase on the current budget of €1.2 trillion as the bloc looks to confront challenges including migration, digital regulation, overseas competition and Russian aggression.
"It's a budget for a new era," wrote Commission President Ursula von der Leyen on the BlueSky microblogging platform. "[A budget] that matches Europe's ambition, addresses Europe's challenges [and] strengthens our independence."
The Commission itself described the proposal as "the most ambitious EU budget ever: more strategic, flexible and transparent."
What is the EU budget for?
The EU budget, officially known as the multi-annual financial framework (MFF), spells out the bloc's policy priorities for the coming years and how much money is allocated to different areas.
In the draft proposal presented to the European Parliament in Brussels by EU budget commissioner Piotr Serafin on Wednesday, the largest tranche of money will be allocated to a national and regional partnership fund worth €865 billion.
A further €451 billion will be ringfenced for EU investment efforts in clean tech, digital, biotech, defense, space and food, while around €300 billion will be go to support farmers, who have been worried about potential cuts to subsidies.
Up to €100 billion ($116 billion) is to be set aside specifically for Ukraine, over three years on from Russia's full-scale invasion. "This is a long-term commitment to Ukraine's recovery and reconstruction," Serafin said.
Who contributes to the EU budget?
The EU budget is largely financed through contributions by member states. As the EU country with the largest economy, Germany usually contributes just under a quarter of the available funds.
According to Wednesday's draft, however, the proposed increase could in part be financed by new revenue sources such as a levy on large companies with an annual turnover of more than €50 million or a share of national tobacco taxes.
The draft budget will now form the basis for negotiations between the EU Commission, the EU Parliament and members states, which are likely to be lengthy and contentious.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Times of Oman
a day ago
- Times of Oman
Europe: EU unveils $2.33-trillion budget proposal
Brussels: The European Union's executive branch, the European Commission, on Wednesday presented its proposal for a significant budget increase to €2 trillion ($2.33 trillion) for the period 2028-2034. The figure represents an €800-billion ($930-billion) increase on the current budget of €1.2 trillion as the bloc looks to confront challenges including migration, digital regulation, overseas competition and Russian aggression. "It's a budget for a new era," wrote Commission President Ursula von der Leyen on the BlueSky microblogging platform. "[A budget] that matches Europe's ambition, addresses Europe's challenges [and] strengthens our independence." The Commission itself described the proposal as "the most ambitious EU budget ever: more strategic, flexible and transparent." What is the EU budget for? The EU budget, officially known as the multi-annual financial framework (MFF), spells out the bloc's policy priorities for the coming years and how much money is allocated to different areas. In the draft proposal presented to the European Parliament in Brussels by EU budget commissioner Piotr Serafin on Wednesday, the largest tranche of money will be allocated to a national and regional partnership fund worth €865 billion. A further €451 billion will be ringfenced for EU investment efforts in clean tech, digital, biotech, defense, space and food, while around €300 billion will be go to support farmers, who have been worried about potential cuts to subsidies. Up to €100 billion ($116 billion) is to be set aside specifically for Ukraine, over three years on from Russia's full-scale invasion. "This is a long-term commitment to Ukraine's recovery and reconstruction," Serafin said. Who contributes to the EU budget? The EU budget is largely financed through contributions by member states. As the EU country with the largest economy, Germany usually contributes just under a quarter of the available funds. According to Wednesday's draft, however, the proposed increase could in part be financed by new revenue sources such as a levy on large companies with an annual turnover of more than €50 million or a share of national tobacco taxes. The draft budget will now form the basis for negotiations between the EU Commission, the EU Parliament and members states, which are likely to be lengthy and contentious.
Times of Oman
3 days ago
- Times of Oman
Trump's Ultimatum: Russia must make peace with Ukraine in 50 days or face 100% tariff
Washington: In a significant policy shift, US President Donald Trump on Tuesday announced fresh military support for Ukraine and threatened sweeping tariffs on Russia's trading partners, in a bid to pressure Moscow into ending its war within 50 days, The Hill reported. According to The Hill, Trump unveiled the plan during an Oval Office meeting with NATO Secretary General Mark Rutte, stating that Europe would bear the cost of advanced American weaponry, including Patriot missile systems, which are vital to defend Kyiv from intensified Russian air assaults. 'These weapons can move quickly to Kyiv,' Trump said, while stopping short of offering specific timelines. The move follows NATO's recent decision to boost collective defense spending, the outlet noted. Since Russia launched its full-scale invasion in 2022, the United States has provided over $175 billion in aid to Ukraine--most of it during the Biden administration. The Hill reported that Trump, in contrast, had briefly halted intelligence sharing and suspended defensive weapons deliveries during his current term, raising questions about the consistency of US support. Despite previously calling Ukrainian President Volodymyr Zelensky 'ungrateful,' Trump appears to have shifted tone. On Monday, he sharply criticised Russian President Vladimir Putin, accusing him of misleading American leaders and continuing attacks on Ukrainian cities. 'I always hang up and say ... 'Well that was a nice phone call,' and then missiles launch into Kyiv or some other city,' Trump told reporters. 'That happens three or four times, you realize the talk doesn't mean anything.' The Hill's Niall Stanage noted that Trump has recently intensified his rhetoric against Putin, labelling him a 'tough guy' and expressing disappointment during an interview with the BBC. 'I trust almost no one,' Trump said when asked if he trusted the Russian leader. Meanwhile, Zelensky on Monday met with Trump's special envoy for Ukraine, Keith Kellogg, in Kyiv. In a statement, Zelensky said he was 'grateful to President Trump for the important signals of support,' and added that Ukraine values the 'support of the American people.' Ukraine hawks within the GOP welcomed the announcement. Senator Lindsey Graham (R-S.C.) described the weapons and tariff threats as a 'turning point' in the war, according to The Hill. However, Trump's moves may face resistance from his own base. The Hill reported that parts of the MAGA-aligned GOP remain skeptical of US involvement in Ukraine, and Trump is already facing internal backlash over unrelated controversies involving the Justice Department and FBI. In Congress, bipartisan support for punishing Moscow is growing. A Senate bill proposing 500 percent tariffs on Russia and its allies has 85 co-sponsors. Trump said he discussed the legislation with Senate Majority Leader John Thune (R-S.D.), but indicated he might not rely on it. 'I'm not sure we need it, but it's certainly good they're doing it,' he said. The Hill reported that Trump's own plan includes secondary tariffs--up to 100 percent--on Russian economic partners if a ceasefire is not reached within two months. The president warned the measures would severely impact Russia's already fragile economy.
Observer
3 days ago
- Observer
Greek govt calls for EU farm scandal probe
ATHENS: The Greek government on Monday called for a special parliamentary committee to probe a European Union farm subsidies scandal, reportedly involving tens of millions of euros, that has seen at least two ministers put under EU investigation. Government spokesman Pavlos Marinakis said the ruling conservative party would request an investigation into the 27-year operation of the Greek authority for the payment of common agricultural policy aid (OPEKEPE). "Our proposal concerns the period from the establishment of OPEKEPE in 1998 until today in order to investigate the dysfunctions, identify the problems and ensure complete transparency," Marinakis told reporters. An investigation by EU prosecutors has shown widespread abuse of funds at OPEKEPE, which according to the government annually disburses 2.5 billion euros to nearly 650,000 farmers. Reports said prosecutors suspect tens of millions of euros have been siphoned off. The investigation period is mostly under the current government, which came to power in July 2019. But the government argues that the fraud has lasted decades. In nearly 30 years, the Greek state has paid more than 2.7 billion euros in fines, Marinakis said. — AFP
