Reuters - Video

EDITION: U.S. | U.K. | IN

Finance Videos

EU budget battle begins

Thursday, November 22, 2012 - 02:04

Nov. 23 - European leaders are holding crunch talks on their spending plan for the next seven years. European Union negotiators seemed close to securing British and German backing for a deal on a nearly 1 trillion euro budget, but concessions will be needed to win support from France, Poland and some southern European states, and the talks could continue for several days. Joanna Partridge reports

▲ Hide Transcript

View Transcript

Smiles for the cameras in Brussels - but few were expecting them to last for long. EU leaders are holding crunch talks on their budget from 2014-2020. Agreeing a spending plan is always tough - but this time, the divisions seem deeper. Over a third of the 27 member states have threatened to use their veto if the talks don't go to plan. And British Prime Minister David Cameron is taking a particularly tough stance. Britain, along with Germany and other main contributors, want the EU to shave some money off the planned 1 trillion euro spending plan. SOUNDBITE: German Chancellor Angela Merkel, saying (German): "We must be able to plan for the future. Therefore it is important we arrive at a solution. I don't know whether that will happen during Thursday and Friday. Germany wants to reach an agreement, but we might need another go. This is about the sustainability of the European Union and investment in research and development, and better use of the money." Those who benefit from EU subsidies - like Poland and Spain - don't want to see any reductions. And the EU says investment is required to tackle economic troubles. But explaining that to countries like Greece, undergoing tough austerity, won't be easy. SOUNDBITE: Greek Prime Minister Antonis Samaras, saying (English): "Cohesion is an issue of competitiveness, and growth for the whole of the European Union, not just for the countries that have the greatest need." PTC The leaders seeking cuts to the 7-year budget might use the latest euro zone manufacturing figures to strengthen their case. The numbers showed the bloc is on track for the weakest quarter since 2009, leading to fears it'll fall into a deeper recession next year. The leaders here also know they're still a long way from resolving the euro zone crisis, or even making Greece's debt sustainable. Some say "more Europe" is the answer. But if they can't agree on this budget, many will ask just what they can agree on.

Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code

EU budget battle begins

Thursday, November 22, 2012 - 02:04

Editors' Picks »

Business »

Moving Pictures »

Images of October Images of October

Mon, 03 Nov, 2014 - (0:57)

The world in a city The world in a city

Fri, 31 Oct, 2014 - (1:30)

Real-life superheroes Real-life superheroes

Tue, 28 Oct, 2014 - (1:44)

Dance of the northern lights Dance of the northern lights

Mon, 20 Oct, 2014 - (1:08)

Images of September Images of September

Thu, 02 Oct, 2014 - (1:00)

Still missing – MH370 Still missing – MH370

Fri, 05 Sep, 2014 - (2:05)

Burning Together Burning Together

Mon, 01 Sep, 2014 - (2:23)

Mending dolls, teddies and hearts Mending dolls, teddies and hearts

Fri, 22 Aug, 2014 - (3:12)

Images of August Images of August

Fri, 29 Aug, 2014 - (1:00)

"Old timers" sail the Chesapeake Bay "Old timers" sail the Chesapeake Bay

Mon, 11 Aug, 2014 - (2:27)

Burned memories Burned memories

Fri, 08 Aug, 2014 - (3:02)

Images of July Images of July

Fri, 01 Aug, 2014 - (1:20)

Oddly Enough »

Calling all men: here's your chance to experience labor pains Calling all men: here's your chance to...

Thu, 20 Nov, 2014 - (1:43)

Block-long billboard lights up Times Square Block-long billboard lights up Times Square

Wed, 19 Nov, 2014 - (1:19)

Japan’s military gets sexy Japan’s military gets sexy

Tue, 18 Nov, 2014 - (1:30)

Paris turns on holiday spirit Paris turns on holiday spirit

Mon, 17 Nov, 2014 - (0:57)

Belgian artists sculpt Disney on ice Belgian artists sculpt Disney on ice

Mon, 17 Nov, 2014 - (1:32)

A whale of a tale A whale of a tale

Fri, 14 Nov, 2014 - (0:32)

Sandcastle hits new heights Sandcastle hits new heights

Wed, 12 Nov, 2014 - (0:59)

Rothko and Jasper Johns are top lots at Sotheby's Rothko and Jasper Johns are top lots at...

Wed, 12 Nov, 2014 - (1:52)

Reuters Investigates »

Re-homing victim: "I could have been dead" Re-homing victim: "I could have been dead"

Wed, 19 Feb, 2014 - (8:24)

Cops and loggers in the Amazon rainforest Cops and loggers in the Amazon rainforest

Fri, 10 Jan, 2014 - (4:01)

"Passed around like a dog" "Passed around like a dog"

Thu, 29 Aug, 2013 - (6:32)

Adopted, then abandoned online Adopted, then abandoned online

Thu, 29 Aug, 2013 - (13:21)

How the DEA keeps its secrets secret How the DEA keeps its secrets secret

Mon, 05 Aug, 2013 - (1:36)

How education lost its role as the great equalizer - Reuters Investigates How education lost its role as the great...

Mon, 17 Dec, 2012 - (7:52)

Jihad Jane: From abused child to American jihadist - Reuters Investigates Jihad Jane: From abused child to American...

Sun, 09 Dec, 2012 - (10:01)

Jihad Jane: The order to kill - Reuters Investigates Jihad Jane: The order to kill - Reuters...

Mon, 10 Dec, 2012 - (10:39)