Eelco Heinen

We want bigger cuts to EU budget than planned, richer countries say

BRUSSELS — A group of wealthy northern EU countries has launched a revolt against a proposal for only minimal cuts to the bloc’s €2 trillion budget. The plan for a 2 percent (€32.8 billion) cut to the European Commission’s proposal for 2028 to 2034, put forward by the Cypriot government in its role at the six-month helm of the presidency of the Council of the EU, falls short of the demands by fiscally conservative countries, including Germany and Netherlands. “It is unaffordable,...

EU’s big 6 pitch a rival to Wall Street

Cyprus proposes €32.8bn cut to next EU budget as compromise between rival camps

Cyprus proposes a 2% cut — worth €32.8bn — to the EU's draft €2 trillion budget for 2028–2034, in a bid to bridge the gap between "frugals" and cohesion-minded member states. The figures, now on the table for the first time, will serve as the starting point for the sensitive negotiations ahead. The race to agree on a new long-term budget for the European Union reached a major milestone on Thursday, as Cyprus, the country holding the rotating presidency, unveiled its compromise proposal for a...