EU leaders have agreed to cut the bloc’s spending for the first time in its history.
The headline figure of 960 billion euros is down by three percent from the last seven-year budget.
But member states have actually pledged less than that in payments.
Guy Verhofstadt, a former Belgian prime minister turned MEP and leader of the liberals in the European Parliament, said this budget would result in a 52 billion euro deficit.
“Heads of government say we must fix our public finances, pass a Stability pact (an EU rule on spending) and rein in our deficits,” he told euronews.
“But now we’ll have a deficit at the European level as a means of fixing their national problems.”
The largest parts of the budget remain agricultural and regional funds.
But EU officials say cash spent on farming will be gradually reduced over the seven year period to 28 percent of the total, from 39 percent now.
Ten billion euros will be shaved off future infrastructure projects, while the EU administration will be asked to find 1.5 billion euros of savings.
Six billion euros has been set aside to help countries where youth unemployment is more than 25 percent.
Copyright © 2014 euronewsMore about:
- 1European Commission grants ‘rule-breakers’ three months to organise finances
- 2Europe’s sex slave shame: is enough being done to fight human trafficking?
- 3European Commission has ‘abdicated its role’ as financial watchdog
- 4EU recommends ‘unbundling Google’
- 5Denis Mukwege: Sakharov Prize winner and champion of human rights
- 1EU recommends ‘unbundling Google’
- 2European Parliament rejects bid to sack Juncker Commission
- 3Denis Mukwege: Sakharov Prize winner and champion of human rights
- 4Europe’s sex slave shame: is enough being done to fight human trafficking?
- 5What did MEPs make of Pope Francis’ speech in the European Parliament?
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2Sweden becomes first EU country to recognise the Palestinian State | euronews, world news
- 3Italy swamped by flash floods | euronews, world news
- 4Back to School for Romania’s new First Lady | euronews, world news
- 5What will you ask US Senator John McCain? | euronews, world news
- 6Watch: Passengers ‘push-start’ frozen plane in Siberia | euronews, world news
- 7Turkish president Erdogan unveils his new palace of a thousand rooms | euronews, world news
- 8India PM Modi appoints Yoga minister | euronews, world news
- 9European e-revolution people rise up | euronews, world news
- 10Vladimir Putin most powerful man in the world – Forbes | euronews, world news
- 11[Live] Rosetta’s Philae lands on comet 67P and enters the history books | euronews, world news
- 12International tv news | euronews: European and International tv news bulletin
- 13Where is the best place in Europe for women? | euronews, world news
- 14Irony as organised crime prosecutor arrested for corruption in Romania | euronews, world news
- 15Obama’s ‘risky’ immigration gamble | euronews, world news
- 16Nadia Comaneci: gymnast of perfection and defector | euronews, the global conversation
- 17Putin plans to leave G20 talks early amid Ukraine pressure | euronews, world news
- 18International breaking news | euronews online world breaking news in video
- 19Transcript of hanged Iranian woman’s final message released | euronews, world news
- 20euronews apps : iPhone, iPad, Android, Windows Phone 8, Windows 8, Nokia S40, Nokia Asha, Smart TV and Google Glass