Brussels is preparing a radical overhaul of the EU’s next trillion euro common budget, replacing dozens of programmes with merged funds that would hand more spending power to capitals.
The plan, outlined in a paper seen by the Financial Times, calls for a more “ambitious” budget in “size and design” to meet increased spending demands on defence and hefty debt repayments.
While the paper stops short of proposing a total for the multiyear budget, which starts in 2028, the European Commission makes the case for the biggest ever revamp of how the funds are distributed, saying “the status quo is not an option”.
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