European leaders have reached agreement on the EU´s long-term spending plans.
The president of the European Council Herman Van Rompuy announced the news with a tweet message after he chaired the meeting of 27 leaders.
The agreement – after 24 hours of negotiations – fixes EU spending at 960 billion euro over the seven years from 2014 to 2020.
Prime Minister David Cameron called it a “good deal for Britain”. He is one of those who has been pressing for a reduction.
This is the first ever net reduction to such a budget in the EU’s history.
The number is down by some three percent from the last seven-year plan.
It now has to be approved by the European Parliament, which could take months. Approval is far from guaranteed as leading legislators have already expressed opposition.
“The European Parliament will not accept this deficit budget if it is adopted in this way. That is certain,” the parliament’s president Martin Schulz said.
The deal took so long to reach deal because it had to meet the demands of northern European countries such as Britain and the Netherlands that wanted belt-tightening, while maintaining spending on farm subsidies and infrastructure to satisfy the likes of France and Poland.
Copyright © 2014 euronewsMore about:
- 1Protesters surround EU buildings as anti-TTIP anger voiced in Brussels
- 2Europe’s sex slave shame: is enough being done to fight human trafficking?
- 3euronews discusses Russia with Latvian PM after EU summit ends
- 4New EU food labelling rules
- 5Europe Weekly: EU Investment plans, protesters and parliamentary woes in last show of 2014
- 1Europe’s sex slave shame: is enough being done to fight human trafficking?
- 2Protesters surround EU buildings as anti-TTIP anger voiced in Brussels
- 3Belgium gripped by travel chaos as strike takes hold
- 4Chaos or cohesion: how will Europe respond to a major terror attack?
- 5Last EU summit of 2014 in full swing with major investment tabled
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2Watch: Passengers ‘push-start’ frozen plane in Siberia | euronews, world news
- 3Le Pen: I admire ‘cool head’ Putin’s resistance to West’s new Cold War | euronews, interview
- 4McCain blasts Europe’s approach to Ukraine conflict ‘a joke’ | euronews, the global conversation
- 5Which countries in Europe cause the most air pollution damage? | euronews, world news
- 6Moldova pro-EU parties take narrow lead in elections | euronews, world news
- 7Grenoble: Europe’s first ad-free city | euronews, world news
- 8NATO joins search for ‘Russian submarine’ off Scottish coast | euronews, world news
- 9European Union News | euronews: latest breaking news and headlines about European Union
- 10Obama’s ‘risky’ immigration gamble | euronews, world news
- 11Ukraine reports accident at Zaporizhzhya nuclear power plant | euronews, world news
- 12Crude awakening: Romania’s Black Sea oil and gas finds fuel Europe’s energy hopes | euronews, reporter
- 13Irony as organised crime prosecutor arrested for corruption in Romania | euronews, world news
- 14The American Century comes to an end as China becomes the world’s largest economy | euronews, economy
- 15International breaking news | euronews online world breaking news in video
- 16Belgium’s former queen Fabiola dies at 86 | euronews, world news
- 17Germans demand honour for Turkish woman beaten to death | euronews, world news
- 18Chechen ‘death’ unit fighting with rebels in eastern Ukraine | euronews, world news
- 19Portugal: Ex-PM José Socrates held in corruption probe | euronews, world news
- 20Pakistan Taliban ‘kill over 100’ in Peshawar school attack | euronews, world news