Reuters | Sep 16, 2019 12:37
BRUSSELS/BERLIN (Reuters) - Germany wants to cap the European Union's next budget for 2021-27 at 1% of the continent's economy, a scenario that would still see Berlin contribute some 10 billion euros more every year, according to a document seen by Reuters.
"We will conduct the MFF (Multiannual Financial Framework or the long-term EU budget) negotiations on the basis of 1% of the EU27 GNI," read the document, which Germany is presenting to its EU peers during ministerial talks in Brussels on Monday.
"Losing the UK as one of the largest next contributors to the MFF means that even with this limit, contributions of the remaining Member States will increase significantly."
Germany - the EU's largest economy and the biggest contributor to the bloc's joint coffers - also demanded that its poorer regions benefiting from EU development aid should not be excessively hit in any revamp of the so-called cohesion funds.
It demanded "strong or additional" incentives on migration and climate projects, and insisted that all EU spending should be subject to rule of law conditionality as the bloc moves to curb aid to members like Poland or Hungary that stand accused of violating core rules by undercutting democratic standards.
"Germany and France have jointly proposed that revenues accruing to member states from a Financial Transaction Tax could play a role in financing the (euro zone budget) in the form of assigned revenues," the paper added.
Written By: Reuters
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.