BRUSSELS, Feb 14 (Reuters) - The European Commission’s proposal on Wednesday for the next EU’s budget sought area spending cuts and new sources of revenue to cover the hole left by Britain’s exit from the bloc, saying EU money should be conditional on members observing the rule of law.
The Commission prepared the options for a discussion among EU leaders on February 23. It will present its final proposal for the next long-term budget for a seven year period from 2021 to 2027 in early May.
“It (the budget) is ... vital at a time when Europe is in the midst of a fundamental debate on how the Union should evolve in the years to come,” the Commission said in a statement.
“We now have an opportunity to choose the Europe we want and to decide on a budget that helps us build it,” it said. (Reporting By Jan Strupczewski and Alissa de Carbonnel)