EU Summit to Seek New Budget Deal After Germany Rejects Cuts
European Council President António Costa will present a new proposal for the EU's next long-term budget, with a special summit scheduled for November 26 to seek a deal after Germany and other net contributors rejected recent plans. The proposal will address three areas: limiting national contributions, developing new EU own resources such as a possible 6G frequency auction revenue stream, and maintaining budget flexibility for crises. These elements will be negotiated as a single package, linking spending levels with income sources. German Chancellor Friedrich Merz dismissed the Irish presidency's latest proposal, which cut the Commission's draft by €159 billion to €1.826 trillion for 2028-2034. Germany, the Netherlands, Sweden, and Austria had demanded cuts of several hundred billion euros.