Herman Van Rompuy, European Council president. Photo: Council of the European Union
For the first time ever, European Union (EU) leaders have agreed to a real-terms cut in spending, after all-night marathon talks in Brussels that left some delegates angry, some disappointed, and a lot of others simply relieved that they could get out of town.
The €960 billion multi-annual financial framework or MFF, which covers the seven-year period from 2014 to 2020, would be about three per cent less than the current long-term budget, and a sharp cut from the €1.03 trillion proposed by the European Commission (EC) at the outset of negotiations.
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By Inside GNSS