Fx trading News:EU's multi-year fiscal budget differences are difficult to resolve!


2020-02-11 11:40      from:CAPSTONE    author:Jack

Capstone Forex Trading News: European Council President Charles Michel plans to convene a summit of member states on the 20th of this month to seek consensus on the European Union's 2021-2027 budget. But the differences among the member states are not small, and the summit may be difficult to break through.
The EU needs to formulate a “multi-annual fiscal framework” plan covering the next 7 years by the end of this year. The British "Financial Times" quoted EU officials as saying on the 9th that the dispute over the EU budget of member states far outweighs the issue of Britain's "Brexit", highlighting the "south-north" antagonism between wealthy member states and economically backward members.
The EU's finances face two major challenges: Britain, which was originally the EU ’s second largest net contributor, officially withdrew from the EU, further expanding the budget gap; the new European Commission has made combating climate change a priority policy issue and needs to increase funding.

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Among the net budgeting countries, the Netherlands, Austria, Sweden and Denmark require that the latest fiscal budgets account for no more than 1% of the gross national income (GNI) of all member states, compared with 1.1% recommended by the European Commission; Finland last year During his presidency of the European Union, he advocated a 13% reduction in agricultural subsidies and a 12% reduction in regional development assistance budgets for net beneficiary countries.
大 Agricultural powers such as France are firmly opposed to cutting agricultural subsidies; net beneficiary countries such as Eastern and Southern Europe advocate that the EU maintain the current level of assistance and ensure that the regional development gap within the EU is reduced.
An EU diplomat said that the positions of countries are "very far apart" and they seem to be getting firmer, and the prospect of a breakthrough at this summit is bleak.

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