Support FREE and independent European journalism – donate to VoxEurop.

EU budget: The tap is frozen

The tap is frozen – Petar Pismestrovic
Kleine Zeitung (Graz)

After a marathon 24-hour summit in Brussels, European leaders have adopted the compromise proposal put forward by European Council President Herman Van Rompuy (in the drawing) and agreed a 2014-2020 EU budget.

The agreement means that for the first time in the Union's history, there will be a decrease in funding compared to the previous budget (€34bn lower than in budget 2007-2013), and caps the EU budget to 1 per cent of the EU's gross national income (approximately equal to GDP).