European Union leaders meeting in Brussels have agreed to work toward a preliminary draft deal on the bloc’s €2 trillion long-term budget for 2028–2034 by October.

The negotiations highlight deep divisions between “frugal” net contributor states pushing for tighter spending and southern and eastern European countries demanding stronger funding for agriculture and regional development.

The debate also extends to new revenue sources, including digital taxes, crypto levies, and emissions-linked funding mechanisms, as the EU tries to balance priorities ranging from defence and competitiveness to cohesion and climate goals.

EU Leaders Aim For October Draft Deal On €2 Trillion EU Budget

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EU Leaders Aim For October Draft Deal On €2 Trillion EU Budget