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 © 2015 euronewsMore about:
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2Slovenia becomes 11th EU nation to approve gay marriage | euronews, world news
- 3Exclusive: CIA and Mossad are behind Boko Haram and ISIL, says Sudan president | euronews, world news
- 4eurovibes - a selection of Europe’s best music talent
- 5Indian rapist says women to blame for being sexually assaulted | euronews, world news
- 6International news | euronews, latest international news
- 7English and Spanish among happiest languages | euronews, world news
- 8Exclusive: Tsipras promises meritocracy, transparency for Greece, urges Europe to put people first | euronews, world news
- 9Tens of thousands march in Moscow in memory of Boris Nemtsov | euronews, world news
- 10Data ‘mocks’ claims migrants try for Europe ‘expecting’ sea rescue | euronews, world news
- 11Watch: Ukraine MPs in fierce fist fight outside parliament | euronews, world news
- 12euronews apps : iPhone, iPad, Android, Windows Phone 8, Windows 8, Nokia S40, Nokia Asha, Smart TV and Google Glass
- 13London calling: why home-loving Hungarians are flocking to British capital | euronews, reporter
- 14‘Blue’ dress causes internet confusion. Is it white and gold? | euronews, world news
- 15[Watch] Passengers emergency evacuate crash-landed Airbus A330 | euronews, world news
- 16Live updates: follow the 2015 Oscars ceremony | euronews, world news
- 17European Union News | euronews: latest breaking news and headlines about European Union
- 18Kosovo emptying out, hopes for independent future exhausted | euronews, world news
- 19Handwriting and the digital age, time for change in schools? | euronews, learning world
- 20Exclusive: Sudan’s Bashir on ISIL, Darfur and accusations of genocide and war crimes | euronews, the global conversation