EU leaders unable to agree on
increasing its budget
International News Desk
According to global Times news Agency Europe, The heads of state and government of the EU were unable to agree on an increase in the community’s multi-annual budget for the next four years, The Global Times Europe informs referring to a statement following the first day of the EU summit.The document notes that the leaders of the community countries decided to continue working with the goal of reaching an agreement by the end of the year. Following an in-depth exchange of views on the proposed revision of the multiannual financial program for 2021-2027, the European Council invites the EU Council to continue its work with the aim of reaching a common agreement by the end of the year, reads the statement. In June, the European Commission called on EU countries to make additional contributions to the community budget for the period from 2024 to 2027. The main source of funds for the EU budget are direct contributions from its member countries, proportional to their GDP, accounting for over 70% of all revenues. In addition, the EU budget receives revenues from carbon trading and several other pan-European environmental fees that are levied on citizens of EU countries.