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The top leaders of the European Union have finalised the bloc's seven-year budget scheme after over 24 hours of negotiations1.
The scheme involves a total spending cut of 34 billion euros compared to the last period.
The budget aims to strike a balance between southern Europe's much needed infrastructure2 spending and farm subsidies3 and northern Europe's belt-tightening demands.
Finnish Prime Minister Jyrki Katainen:
"We are very satisfied. We could reach a compromise on new priorities. We will spend more to innovations and research, for instance, and the European Network Facilities but also to youth unemployment."
Officials say that over 12 billion euros is to be cut from the last budget proposal made in November when leaders were unable to make an agreement.
This is the first ever cut from the EU's budget.
The European Parliament must now approved the deal which could prove difficult as president Martin Schulz says that he will not accept excessive cuts.
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1 negotiations | |
协商( negotiation的名词复数 ); 谈判; 完成(难事); 通过 | |
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2 infrastructure | |
n.下部构造,下部组织,基础结构,基础设施 | |
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3 subsidies | |
n.补贴,津贴,补助金( subsidy的名词复数 ) | |
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