BRUSSELS – The European Commission has unveiled a budget proposal for the European Union totaling two trillion euros for the upcoming seven years, announced EU Budget Commissioner Piotr Serafin.
This budget spans from 2028 to 2034 and requires approval from all 27 member states as well as the European Parliament for adoption. “This budget addresses both current realities and future challenges. We are collaborating with the European Parliament, member states, and businesses,” stated European Commission President Ursula von der Leyen during a joint press conference. The proposed budget includes a fivefold increase in defense spending, reflecting the EU’s growing concerns regarding the safety and security of its citizens and governments. Additionally, it allocates around 400 billion euros for crisis response mechanisms. Von der Leyen highlighted that funding for migration and border management has tripled. “For the first time, this draft budget enables member states to invest up to 150 billion euros within the EU,” she remarked.
The proposal allocates 35 percent of the budget to climate and biodiversity initiatives, with approximately 100 billion euros earmarked for aid to Ukraine. Von der Leyen mentioned that financing for the budget will come from new revenue sources, while contributions from member states to the bloc will remain “stable.” The EC President underscored that all EU financing adheres to the rule of law. (July 16)
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