Loading...
See More

EU to hold special budget summit

Aug 29 2012 12:55 AFP

Related Articles

Greece hoping for calmer EU waters

Shares slip after Japan exports fall

Oil up on renewed Europe optimism

Merkel: No Greek deal with Samaras

Global economy slips into dire straits

Oil down as US stimulus hopes fade

 

Brussels - EU leaders are preparing to stage a special summit in November to tackle the deeply divisive question of the size of the European Union budget over the rest of the decade, Brussels sources told AFP.

A diplomatic source indicated that a meeting of the 27 member EU heads of state and government could be called in November, in the gap between scheduled October and December summits.

But an EU official added: "There is a question about when it is announced."

When pressed, the official added: "Of course, there are intensive negotiations at the minute, but it's clear that the EU budget in these years of austerity is going to be a huge issue."

An official from an EU member country also said "there is a 90% likelihood that an extraordinary summit will be organised in November on the financial perspectives," referring to the seven-year budgetary cycle covering the years 2014 to 2020.

None of the sources were able to put a precise date on a gathering.

The European Union's budget has long been an annual headache for the tens of thousands of mostly Brussels-based staff that run the supra-national organisation.

But arguments against ever-rising spending have sharpened since the financial and debt crises first bit in 2008.

United Kingdom Prime Minister David Cameron has led successive calls first for cuts and then a freeze on EU spending in real terms, and can be expected to be a vocal figure come the talks.

Leaders are due to meet already on October 18-19, when bailouts for Greece and Spain are expected to dominate the discussion, and again on December 13-14.

*Follow Fin24 on Twitter, Facebook and Google+.

european union  |  david cameron  |  brussels
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

New forms of digital technology are changing the very ways in which entrepreneurs run their businesses.
 
 

Device lets disabled people talk through their nose

A device that converts nose breaths into speech will open new doors for people with Parkinson’s or motor neuron disease.

 
 

For chic geeks...

It’s THIS easy for someone to steal your ATM pin!
This is why you should install iOS 8
17 photo illusions that look so real
Check out the speed of this robo-cheetah!

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...