EU reaches deal on seven-year budget

22:19 • 27.06.13
Economy

A political deal on the EU's hotly contested seven-year budget has been struck, European Commission President Jose Manuel Barroso has announced.


The deal on the 2014-2020 budget was reached between member states and European Parliament leaders, he said, according to BBC News.

The 960bn-euro (£822bn; $1.3tn) budget cuts real spending for the first time.

Speaking in Brussels as EU leaders gathered for a summit, Mr Barroso said the deal would speed up spending on youth employment.

Nearly a quarter of people aged 18 to 25 in the EU have no job, while in Greece and Spain it is more than half.

EU leaders will consider mobilising 6bn euros (£5bn; $8bn) earlier than planned to help youth training schemes.

On the eve of the summit draft plans were also agreed on agricultural reform and how to rescue troubled banks.

Amid widespread resistance to the ongoing austerity measures in the eurozone, trade unions in Portugal began a 24-hour strike on Thursday.

Public transport crawled to a halt as a result of the action by unions representing more than a million workers.

The 2014-2020 budget was agreed at a summit in February but its ratification had been blocked by the parliament.

It appears that under the new deal, the figures agreed will remain unchanged but, in a concession to the European Parliament, unspent money will be transferred from one year to the next, rather than returning to national budgets as at present.

The speaker of the European Parliament, Martin Schulz, urged MEPs to give it their backing.

He told reporters the deal was "the minimum" that MEPs had pushed for, but "from a psychological point of view it's progress".

If the 27 governments give unanimous approval, and a majority of MEPs back the deal, the final text will be adopted in September.
 

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