Draft EU budget: Two trillion euros for seven years

BRUSSELS – The European Commission has presented a budget plan for the European Union amounting to two trillion euros for the next seven years, said EU Budget Commissioner Piotr Serafin.

The budget covers the period from 2028 to 2034, and the draft must be approved by all 27 member states as well as the European Parliament in order to be adopted. “This is a budget for today’s reality, as well as for the challenges of tomorrow. We continue to work with the European Parliament, member states, and entrepreneurs,” said European Commission President Ursula von der Leyen at a joint press conference. The draft budget anticipates five times more spending on defense, which von der Leyen assesses as a reflection of how concerned the EU is about the safety and security of its citizens and governments. In addition, the draft provides for allocations of around 400 billion euros for crisis mechanisms. She emphasized that the budget for migration and border management issues has tripled. “For the first time, the draft budget gives member states the opportunity to invest within the EU up to a total investment value of 150 billion euros,” von der Leyen said.

According to the draft, 35 percent of the budget is allocated for climate and biodiversity, and about 100 billion euros will be allocated for aid to Ukraine. She noted that the financing of the proposed budget will come through the use of new revenues, but that member states’ contributions to the bloc will remain “stable.” The President of the EC emphasized that all EU financing respects the rule of law. (July 16)