Breaking News
May 19, 2025 - Manchester United's Turbulent Run-Up to Europa League Final May 19, 2025 - Joe Biden's Prostate Cancer Diagnosis Raises Concerns of Concealment for Re-election May 19, 2025 - Man Sentenced for Involvement in Theft of World-Famous Golden Toilet May 19, 2025 - MLS Power Rankings: Inter Miami Sliding as Philadelphia Reels in Vancouver Whitecaps May 19, 2025 - UK and EU Reach Historic Agreement: PM Keir Starmer Celebrates as British Media Criticize May 19, 2025 - BBC Parts Ways with Controversial Sport Presenter Gary Lineker May 19, 2025 - Crystal Palace's FA Cup Triumph and Serie A Drama Headline Weekend Soccer Action May 19, 2025 - VRT Threatens to Withdraw from Eurovision After Belgian Public Support for Israeli Entry May 19, 2025 - Trump Calls Putin Amidst Ukraine Conflict: Crucial Moment for Ceasefire May 19, 2025 - Netanyahu Allows Food Aid to Gaza Amid Pressure from US and Europe
  • HotRecentNews.com
  • World
  • Politics
  • Sports
  • Entertainment
  • Science
  • Technology
  • Health
HotRecentNews.com
Menu
  • World

  • Politics

  • Sports

  • Entertainment

  • Science

  • Technology

  • Health

Home / World / EU Member States Stick to Austerity Measures in Brussels: 'It's Not Easy'

EU Member States Stick to Austerity Measures in Brussels: 'It's Not Easy'

EU Member States Stick to Austerity Measures in Brussels: 'It's Not Easy'
No Comments 5
Facebook X
World November 15, 2024 14:10

brussels - EU member states are facing challenges as they negotiate the EU budget for 2025 amid increased interest costs for the coronavirus recovery fund.

Marathon negotiations on the EU budget for 2025 have kicked off on Friday. The member states, the European Parliament, and the European Commission have until Monday to reach an agreement on the allocation of 200 billion euros.

The increased interest costs for the 800 billion euro coronavirus recovery fund are the biggest point of contention. Brussels has encountered difficulties due to significantly higher interest rates for the joint loans needed to circulate the funds. There is a shortfall of 2.1 billion euros expected next year. The situation for 2026 and 2027 is even more dramatic with amounts ranging between six and ten billion euros.

In order to keep the budget in check, EU leaders agreed earlier this year that Brussels should absorb half of the interest rate shortfall annually by cutting back on other expenses. The European Parliament is reluctant to make extensive cuts and suggests drawing a portion of the funds from a contingency pot for unforeseen future expenses. The European Commission seems to be leaning towards this approach on Friday.

Many EU member states are keen on sticking to the newly made agreements. In addition, they believe it would be unwise, given the natural disasters in Europe and global instability, to deplete the reserve fund for interest costs. Furthermore, interest shortfalls are only expected to grow in the future.

"It hangs over our heads like a sword of Damocles. Budgeting means foresight," said the Dutch EU ambassador on Friday morning. "Netherlands is cutting 20 percent of civil servants. It's not easy. But if we can do it, why can't we discuss it here?"

NEW Israel Sends First Aid Shipment to Gaza in Over Two Months Amid Criticism

Leave a comment Cancel

reload

Trending Now

  • Today
  • Yesterday
  • Month
  • Comments
  • 1

    Billionaire David Geffen (82) to Divorce Younger Partner (32) Losing Potential $4.5 Billion

    May 19, 2025
  • 2

    Kevin De Bruyne's Participation in Club World Cup in Doubt Due to Injury Fear

    May 19, 2025
  • 3

    VAR Review: Nottingham Forest Goal Confirmation Delayed for Over Six Minutes

    May 19, 2025
  • 4

    Manchester City Withdraw from Florian Wirtz Signing Race

    May 19, 2025
  • 5

    Israel Sends First Aid Shipment to Gaza in Over Two Months Amid Criticism

    May 19, 2025
  • 1

    Deadly Bomb Explosion at Fertility Clinic in Palm Springs, USA Investigated as Possible Terrorist Act

    May 18, 2025
  • 2

    Mexican Navy Sailboat Collides with Brooklyn Bridge in New York: 2 Dead, 17 Injured

    May 18, 2025
  • 3

    Ajax Suffers Historic Title Collapse in Amsterdam

    May 18, 2025
  • 4

    Mass Tourism Protests Cause Concern for Tourists on Canary Islands

    May 18, 2025
  • 5

    Former US President Joe Biden Diagnosed with Aggressive Prostate Cancer

    May 18, 2025
  • 1

    Man City Transfer Rumors: Gibbs-White Targeted

    April 19, 2025
  • 2

    Pope's Funeral Seating Plan and Dress Code Revealed

    April 25, 2025
  • 3

    French Farmer Discovers Gold Deposit Worth Over 4 Billion Euros on His Land

    April 25, 2025
  • 4

    Tourist Impaled by Railing After Climbing Over Fence at Colosseum

    May 4, 2025
  • 5

    Ukrainian War Survivors Featured in Playboy: Embracing Beauty and Resilience

    May 9, 2025
Hot Recent News
The HOTRECENTNEWS.com is not responsible for the content of external sites.

SEARCH

  • World News

Back to Top