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.
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2Syrian refugee tripped by shamed camera woman is named
- 3Hungarian camera woman caught on video kicking and tripping migrants could face jail
- 4Hungarian reporter who tripped migrants apologises for her actions
- 5NASA discovers evidence of “liquid briny water” flowing on Mars
- 6Latest News Bulletin
- 7At least 220 dead in stampede outside Mecca, Saudi Arabia reports
- 8International breaking news | euronews online world breaking news in video
- 9What the top tweets worldwide are saying about #refugees
- 10Why aren’t rich Gulf states welcoming Syrian refugees… or are they?
- 11Hungarian camerawoman fired after being filmed kicking migrants
- 12Denmark: launches anti-migrant ad campaign
- 13Spain: Catalan President faces ‘civil disobedience’ charges over breakaway vote
- 14Which European countries offer the most social benefits to migrants?
- 15Banzai back in the vocabulary as Japan passes law allowing combat deployments
- 16Exclusive: shipwatchers chart Russian hardware heading into Med
- 17Why aren’t rich Gulf states welcoming Syrian refugees…or are they?
- 18International news | euronews, latest international news
- 19Migrant tripped up in Hungary gets Spanish football job
- 20Hungary’s army can shoot rubber bullets and tear gas at refugees