Farm, cohesion funds win reprieve in updated EU budget plan
BRUSSELS (Reuters) - European Council President Herman Van Rompuy reduced proposed cuts to EU agriculture and regional development spending in the latest compromise proposal on the EU's next long-term budget, EU sources said on Thursday.
The overall level of cuts to the proposed 1 trillion euro spending blueprint remained broadly the same as under a previous Van Rompuy compromise at about 80 billion euros, sources with knowledge of the proposal said.
"The overall level of cuts is between 75 and 80 billion euros -- it stays the same," one of the sources said. "But in cohesion and agriculture there is an increase."
Those changes mean there are likely to been deeper cuts to EU salaries and benefits and funds for cross-border energy and telecommunications infrastructure.
(Reporting by Luke Baker and Charlie Dunmore)
- Tweet this
- Share this
- Digg this
DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.