The European Union is in for a bruising week when it comes to the next 7-year budget.
Catch up on the developing stories making headlines.BRUSSELS -- Several EU member states and the European Parliament have rejected for starkly opposing reasons the latest proposal to find a compromise on the European Union's budget, setting up a major fight at a summit later this week.
The four mid-sized nations wrote in a joint op-ed piece in the Financial Times Monday that currently “the financial burden of the union is increasingly being put on the shoulders of a small number of member states, including ours." Only the EU Commission had kind words for Michel's latest proposal. “We believe that it is a good starting point," said EU Commission spokesman Eric Mamer, saying that it already slightly increased the spending levels compared with the previous offer. “It is obvious that these negotiations are always very tricky."
Michel’s offer falls some 240 billion euros short of the demands of the European Parliament, which wants a budget of 1.3% of gross national income. The Frugal Four want to go as low as 1%.
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