The Irish Presidency of the Council will present a new negotiation box for the 2028-2034 multiannual EU budget this Saturday. Reports indicate the proposal includes cuts of 100 to 200 billion euros compared to the version presented earlier this past June.
The European Commission initially proposed a 2 trillion euro budget, but net contributors like Austria and Germany are demanding significant reductions. While the cohesion group seeks funding for agriculture, the Irish aim for an agreement by late 2026.
Unanimous approval from member states and the European Parliament is required. Austrian officials may extend talks into 2027 to reach a compromise, a year that also sees French elections following recent Spanish votes, complicating the final fiscal deal.