Member states seek €50 billion cut in long-term budget

European Commission opposes cuts ahead of special summit in November.

Cuts of at least €50 billion will be required to make the European Union’s next seven-year spending plan acceptable to all member states, according to the latest draft of the multi-annual financial framework.

Cyprus, the holder of the rotating presidency of the EU’s Council of Ministers, made it clear in the draft – published late last night (29 October) – that this is the absolute minimum. “More sizeable reductions are needed in order to reach a compromise,” the draft said. “Further reductions will require even bigger trade-offs and the need to prioritise between policies and programmes.”

The draft is the first discussion paper containing actual figures for the long-term EU budget.

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The European Commission, whose proposal for the MFF amounts to €1,033bn, said this morning that it “remains committed to its proposal, which strikes the right responsible balance in times of crisis, both in the overall amount and in the balance between policies”.

It said the MFF, which covers 2014-20, “needs to be a tool for investment in growth and jobs”.

Member states’ ambassadors to the EU will discuss the draft tomorrow (31 October) in preparation for a summit of EU leaders in Brussels on 22-23 November, which is supposed to agree the broad outlines of the MFF.