BRUSSELS (AP) — European Union leaders agreed Friday to a drastically reduced 7-year budget worth €959 billion ($1.28 trillion) — the first cut in spending in the 27-country group's history.
The two-day fight over what the EU pledged to spend on everything from infrastructure to development aid laid bare divisions over what the role of the union should be.
At its heart, the hard-fought summit in Brussels was a tussle about what the 27-nation European Union stands for: some leaders argued that it was a drag on national budgets in tough economic times, while others said the economic crisis highlighted the need for closer and deeper ties.
Van Rompuy noted, however, that the budget did put aside €6 billion ($8.02 billion) to help alleviate youth unemployment, which has skyrocketed because of the economic crisis over the past few years, notably in Greece and Spain.
The budget also includes items meant to generate economic growth in the future, such as research and development, increasing digitalization and creating a new, more accurate satellite navigation system.
The two-day fight over what the EU pledged to spend on everything from infrastructure to development aid laid bare divisions over what the role of the union should be.
At its heart, the hard-fought summit in Brussels was a tussle about what the 27-nation European Union stands for: some leaders argued that it was a drag on national budgets in tough economic times, while others said the economic crisis highlighted the need for closer and deeper ties.
Van Rompuy noted, however, that the budget did put aside €6 billion ($8.02 billion) to help alleviate youth unemployment, which has skyrocketed because of the economic crisis over the past few years, notably in Greece and Spain.
The budget also includes items meant to generate economic growth in the future, such as research and development, increasing digitalization and creating a new, more accurate satellite navigation system.
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