European Union leaders and institutions went into a frenzy of meetings this week...
BRUSSELS - European Union leaders and institutions went into a frenzy of meetings this week to start the toughest job the bloc faces this year: agreeing on a seven-year budget that for many is the most tangible sign of what a united Europe will look like after Brexit.
Five more, including the two biggest budget net contributors France and Germany, are scheduled for next week. Michel will use the meetings this week and next to put together a proposal on the overall size of the budget and the distribution of money within it. Other net budget contributors do not want to pay more to fill it, while the beneficiaries argue that EU support for farmers or to reduce development inequalities is a must.
To help fill the funding gap left by Britain, the European Parliament wants the EU to get new dedicated sources of financing for the budget. These now include all customs revenues, a small cut of national value-added tax and fines the EU imposes. The rest comes from national contributions negotiated every seven years.
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