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Bendera Uni Eropa (REUTERS/Katarina Stoltz/File)
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VIVAnews - The leaders of the European Union today re-met in Brussels to discuss the long-term budget. In the midst of a financial crisis of its members, the European Union may have to cut the budget for a period of 7 years.
According to news agency Reuters, the long-term budget cuts is going to be the first time when facing the EU leaders approved a 27-nation bloc Europe. That is why this meeting is expected to run a lot and can last until the weekend.
German Chancellor, Angela Merkel, said thin may soon emerge agreement on new EU budget this week. But senior EU officials have warned that the financial crisis in Europe could worsen if the leaders did not immediately agree on a new budget for the period 2014-2020.
Some members of the main contributors to the EU budget, such as the UK and Germany, have agreed to the need for long-term cuts. President's Council (Parliament) of Europe, Herman von Rompuy, has proposed a reduction in the budget for the European Commission by 80 billion euros of proposals worth 1.09 trillion euros ($ 1.4 trillion).
However, English with German, Swedish, and Dutch, propose greater cuts, at least 100 billion euros. There is no final decision on the amount of the proposed budget will be cut so that the meeting will again take place on Thursday night or Friday.
This budget cuts will affect the funding of infrastructure projects EU. Routine expenses, such as administrative spending and salaries of officials and staff of the EU - both the executive committee and the parliament of the European Union - are also threatened cut.
EU leaders also have to get ready for bigger budget cuts to two other important programs, the funding of agricultural subsidies and development assistance to member countries whose economic resources are limited. But the proposed cuts in the budget items are still opposed some key members, such as France, Italy, Poland, and Hungary. (Umi)
