Ireland proposes cutting 7-year EU budget by 141 billion euros to 1.62 trillion euros
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Ireland, in its capacity as president of the Council of the European Union, has proposed a new draft long-term budget for the years 2028-2034, reducing the total by about 141 billion euros, or nearly 8%, from the European Commission's original plan. This brings the overall budget framework down to 1.62 trillion euros, from the 1.76 trillion euros the European Commission had set when calculated in 2025 constant prices, or 1.98 trillion euros at current prices. The reduction particularly affects the budget categories for competitiveness and security. The new proposal aims to bring the positions of all 27 EU member states closer together, after they remained divided over the size of the long-term budget framework for the coming seven years. The new draft was put forward ahead of next week's European Council meeting, where member state leaders will again discuss the long-term budget, with the goal of reaching an agreement by the end of 2026.