EU Agrees to $1.3 Trillion Budget
February 16, 2013
British Prime Minister David Cameron during the EU Budget summit at the European Council building in Brussels, Friday, Feb. 8, 2013.
From VOA Learning English, this is the Economics Report in Special English.
European Union countries have struggled to find common ground as they worked out a budget agreement in Belgium this month. European leaders finally had success last week. They agreed on the European Union’s multiannual financial framework, or MMF, for the period from 2014 to 2020.
The MMF sets the EU’s total spending at $1.3 trillion. That represents one percent of the total income of EU members. Members agreed to reduce total spending by over three percent for the period. This is the first time spending cuts have been made.
European Council President Herman Van Rompuy spoke after the agreement was announced. He said the compromise budget may not be perfect. But he said it should help all EU members.
“Our support to the most vulnerable people remains intact, so does our external action funding even despite the crisis. This budget will allow Europe to keep engaging on vital global issues such as climate change, nuclear safety and development aid.”.
German Chancellor Angela Merkel praised the long-term spending plan. She said the agreement makes policy more predictable and enables members to act in the interest of Europe.
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