EU Countries to Give Initial Verdict on Contentious Budget
European Affairs ministers meet today in Brussels to share initial feedback on the Commission's contentious proposal for the EU's long-term budget. Germany swiftly rejected the plan unveiled on Wednesday, saying the €2 trillion headline figure was too high at a time when many nations are striving for fiscal consolidation. Speaking during a visit to London yesterday, Chancellor Friedrich Merz said the EU must do more with the money it has and rejected a proposed levy on companies, setting up a clash with Commission president and fellow German Christian Democrat Ursula von der Leyen. Another point of contention is likely to be a €400 billion crisis tool, set to be backed by joint borrowing — a controversial mechanism that has long met resistance from Berlin and like-minded fiscal hawks.
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