EU, 2 trillion euro budget for 6 years - Priorities, defense, industrial innovation and transition to clean energy
The European Commission proposed a two trillion euro budget for the period 2028-2034. The draft budget foresees spending increasing to an average of 1.26 percent of the bloc's gross national income, from around 1.1 percent during the current 2021-2027 cycle.
European Commission President Ursula von der Leyen described the budget as "bigger, smarter and sharper", saying it reflects Europe's ambition, addresses its challenges and strengthens its independence.
The plan includes a new European Competitiveness Fund of €409 billion, aimed at strengthening the EU's defense sector, accelerating industrial innovation and supporting the transition to clean energy in all member states.
Within the fund, 131 billion euros will be allocated to defense and space, five times more than in the current multiannual financial framework, according to the Commission.
Defense development, economic competitiveness and agricultural subsidy reform are three priorities of the draft budget, said EU Budget Commissioner Piotr Serafin.
While most funding will continue to come from EU member states, the Commission is proposing new sources of revenue, including a tax on companies with an annual net turnover of over €100 million in any EU country.
Von der Leyen's proposal for the new multi-year budget has been strongly shaped by the experience of her first term at the head of the powerful executive.
The adoption of the draft budget requires unanimous agreement from all 27 member states and the approval of the European Parliament.
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