EU Pushes Major Budget Overhaul with Focus on Competitiveness and Defence

The European Commission proposes a 2 trillion euro budget for 2028-2034, highlighting economic competitiveness and enhanced defence funding. Key allocations include agriculture, regional development, and a significant increase in the defence sector budget. Approval is required from all EU member states and the European Parliament.

The European Commission has unveiled a massive 2 trillion euro budget proposal aimed at bolstering economic competitiveness and enhancing defence capabilities over the next seven years. This budget, spanning from 2028 to 2034, represents a significant shift in EU priorities.

EU Budget Commissioner Piotr Serafin highlighted major allocations within the proposal: 300 billion euros for agriculture, 218 billion euros for less developed regions, and a substantial 451 billion euros dedicated to a European Competitiveness fund. Notably, 131 billion euros will be directed toward defence and space, marking a fivefold increase from current levels.

For the budget to take effect, it will require the unanimous backing of all 27 EU member countries, as well as approval from the European Parliament, making cooperation and consensus vital for its implementation.

(With inputs from agencies.)