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:
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2International tv news | euronews: European and International tv news bulletin
- 3Two container ships collide on Egypt’s Suez Canal | euronews, no comment
- 4Revealed: Europe’s capital cities where it’s hardest to be a foreigner | euronews, world news
- 5European Union News | euronews: latest breaking news and headlines about European Union
- 6Turkish president Erdogan unveils his new palace of a thousand rooms | euronews, world news
- 7All you need to know about the Ebola virus | euronews, world news
- 8How nasheeds became the soundtrack of jihad | euronews, world news
- 9Where is the best place in Europe for women? | euronews, world news
- 10Sweden becomes first European nation to recognise Palestine | euronews, world news
- 11What to expect in “The World of Ice and Fire,” George R.R. Martin’s new book | euronews, world news
- 12Ebola: Six new suspected cases in Spain | euronews, world news
- 13Learning through “serious games” | euronews, learning world
- 14International breaking news | euronews online world breaking news in video
- 15US says ISIL makes $1 million-a-day selling oil – even to enemies | euronews, world news
- 16International news | euronews, latest international news
- 17Sweden becomes first EU country to recognise the Palestinian State | euronews, world news
- 18Philippe Starck: ‘Words like longevity and legacy have become almost avant-garde’ | euronews, the global conversation
- 19US delivers technical aid to Ukraine but warns over security | euronews, world news
- 20euronews apps : iPhone, iPad, Android, Windows Phone 8, Windows 8, Nokia S40, Nokia Asha, Smart TV and Google Glass