Germany has asked for a €400 bln reduction to the European Commission's proposed €2.0 tln 2028-34 EU budget, saying the plan is "unaffordable", according to an internal government paper. Berlin warned the proposal would make it impossible to reach an agreement under current terms. The demand (~$456bln) presages tough negotiations since unanimity of all 27 members is required. As the EU's largest net contributor, Germany said the draft represents a large rise from the €1.3 tln 2021-27 budget; eve

Germany has asked for a €400 bln reduction to the European Commission's proposed €2.0 tln 2028-34 EU budget, saying the plan is "unaffordable", according to an internal government paper. Berlin warned the proposal would make it impossible to reach an agreement under current terms. The demand (~$456bln) presages tough negotiations since unanimity of all 27 members is required. As the EU's largest net contributor, Germany said the draft represents a large rise from the €1.3 tln 2021-27 budget; even after a €400 bln cut the 2028-34 package would be about 27% larger and would push Germany's annual contribution above €50 bln.