The European Commission has proposed a budget of €1.76 trillion. Ireland, which currently holds the EU Council presidency, has proposed cutting it by approximately 8 per cent (€140–141 billion), affecting defence, research and competitiveness. However, no compromise was reached following the debates. Budget negotiations will continue in December, reports DW.
Following the breakdown of talks, European Union leaders cancelled the closing press conference. The heads of state, along with Ursula von der Leyen and António Costa, left the European Council building.
Against a backdrop of funding shortages, the European Union is exploring the introduction of new direct taxes into the budget, reports Politico. Potential sources include revenue from online casinos, US tech giants and cryptocurrency transactions.
Countries are aiming to adopt the budget by the end of the year, as elections are due to take place in a number of states (including France and Spain) in 2027, in which Eurosceptics could strengthen their positions.
This story was translated with the assistance of artificial intelligence.
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