EU’s Seven Year Budget: Bargaining Proceeds Until Friday

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The 17 nation Euro zone countries are to begin discussion about their seven-year budget. Deep in debt and recession, the nations are divided into two; those calling for cuts and those calling for more spending with quality investments to proliferate EU-funded economies.

Poland called for the maintenance or the increase in the spending levels of EU-funded countries. The United Kingdom along with other contributors to the EU funding stated that cuts are needed because €987 billion are at stake in the seven year plan. France objects to any cuts in agriculture and infrastracture development in poorer regions.

Currently, the 2014-2020 Multi-Annual Financial Framework made by European Council President Herman Van Rompuy had €309.5 billion for cohesion and €364.5 billion for agriculture, which makes 32% and 37.5% of the budget respectively.

EU Commission President Jose Manuel Barroso exclaimed that others did not consider the quality of investments and instead focused on cuts and austerities. German Chancellor Angela Merkel states that if no deal between the nations can be achieved this week as it extends to Friday, another summit might be needed in 2013.

UK Prime Minister David Cameron said that it spending rises, UK may have to use its veto power. Netherlands and Sweden backed up the call for a freeze in spending.

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