Mon, Oct 29, 2012 - Page 15 News List

EU states set down markers for budget

BENCHMARKERS:The EU parliament last week rejected cuts demanded by some member states in next year’s budget, aiming to protect programs against shortfalls


Most want to avoid that outcome because it would mean no change to their contributions nor, just as important, to the balance of spending — about 40 percent on agriculture and about the same on social cohesion funds.

That could form the groundwork for compromise after all and significantly, EU sources said on Thursday that the Cypriot EU presidency was looking at a cut of 40 billion euros in the 2014 to 2020 budget.

Such a reduction would trim the budget back to about 1 percent of EU GDP, compared with the commission’s plan at 1.08 percent.

Germany, Europe’s paymaster and its strongest economy, reportedly favors a level about 1 percent.

However, one step forward, one step backwards.

“All areas will be covered by the cuts,” one of the sources said — including the British rebate.

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