EU Leaders Agree to $1.3 Trillion Budget

BRUSSELS (AP) -- European Union leaders have agreed to a budget worth €960 billion ($1.3 trillion), a significantly reduced sum that represents the first decrease in a budget in the union's history.

European Council President Herman Van Rompuy said Friday that the agreement had been reached after two days of negotiations.

A senior EU official said the final number for the seven-year budget was €960 billion -- much less than the €1.03 trillion that the EU's executive arm, the EU Commission, originally proposed.

The two-day fight over what the EU pledged to spend on everything from infrastructure to development aid laid bare divisions over what the role of the union should be.

"It's done!" a spokesman for German Chancellor Angela Merkel tweeted. "The 27 EU members have agreed on a budgetary framework for 2014-2020. Europe has shown itself to be capable of acting."

The EU Parliament must still approve the deal -- and they have suggested that such drastic cuts are unacceptable.


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

DocumentId: 2245003, ~/Articles/ArticleHandler.aspx, 7/29/2014 8:48:28 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement