Brussels calls for budget agreement to avoid funding shortfall in the EU

The European Commission has called for a political agreement by the end of this year on the EU's next multiannual budget for 2028-2034, emphasizing the need for significant new revenue to prevent funding shortfalls. The Commission aims to accelerate preparations for the budget framework in 2027, ensuring funds are available from January 1, 2028, to support various EU priorities. Additionally, it plans to enhance budget protection through revisions of anti-fraud regulations and aims to present key legislative initiatives in areas such as competitiveness, defense, and climate transition. The Commission also seeks to address high energy prices and promote digital transformation across sectors.