The meeting follows a rejected proposal by Ireland, which holds the EU's rotating presidency, to cut the proposed budget by €140 billion ($155 billion). A German government official called the plan unacceptable, stating Germany's yearly contribution would rise from €40 billion to over €60 billion. While France maintains the funding is necessary, Germany and other frugal states argue the nearly €2 trillion budget is excessive, representing a 60% increase over the previous €1.2 trillion spending plan.
Tuesday, October 20, 2026
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EU Leaders Hold Brussels Summit to Settle €2 Trillion Budget Dispute
Global Markets6 days ago
Member nations of the bloc are negotiating in Belgium to bridge wide gaps in their next financial plan and curb an influx of Chinese exports. The high-stakes gathering began on Oct. 15 to resolve disputes over the 2028-2034 budget, address high energy prices and tackle a surge in goods from China that industry groups blame for domestic factory closures.
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