Irish Presidency Proposes Cutting Next EU Budget by Approximately $158 Billion

Brussels, October 10 (KUNA) -- The Irish Presidency of the rotating Council of the European Union proposed today, Saturday, reducing the bloc’s upcoming long-term budget for the period 2028–2034 by 141 billion euros ($157.96 billion), or 8 percent, compared with the European Commission’s proposal, bringing the total to 1.62 trillion euros ($1.81 trillion). In a statement, the Irish Presidency said the revised multiannual financial framework aims to balance funding for new European priorities while preserving the bloc’s core policies amid the financial challenges facing member states. It added that the proposed budget represents a 30 percent increase over the current budget, equivalent to 1.16 percent of the EU’s gross national income, or 1.05 percent when excluding repayments of common debt linked to the European Recovery Programme (NextGenerationEU). The Irish Presidency confirmed that the proposed cuts covered various spending lines while safeguarding key priorities, ensuring that most programmes would see notable increases compared with the current budget. It explained that the proposal places unprecedented emphasis on enhancing competitiveness, scientific research, innovation, security, and defence, while maintaining funding for the Common Agricultural Policy and the Cohesion Policy, both enshrined in the EU treaties for their role in supporting rural areas, communities, and farmers. The statement quoted Irish Minister for Foreign Affairs and Trade Helen McEntee as saying the revised proposal “strikes a balance between the divergent views of member states,” urging a move from initial positions to the final stages of negotiations. McEntee added that while the proposals “may not address all concerns and viewpoints of member states,” she called on everyone to approach the discussions with flexibility and pragmatism, noting that reaching a compromise is essential to concluding an agreement. For his part, Irish Minister for Finance Simon Harris said the proposed package on new EU financial resources “will be a key element in upcoming discussions among leaders,” pointing out that it aims to stabilize member states’ contributions while meeting the multiple expectations associated with the European budget. The proposal comes amid ongoing negotiations among member states on the size of the next budget, spending priorities, and revenue sources, amid divergent positions on the level of funding required for the next seven years. EU leaders are scheduled to continue discussing the file in an effort to reach an agreement before the end of this year, allowing negotiations on the budget, which will enter into force in 2028, to be completed in due course. (End) Arn / A.M.S.