Ireland Proposes €1.62 Trillion EU Budget Through 2034

Ireland’s presidency of the Council of the European Union has proposed a €1.62 trillion budget for 2028-2034, seeking to narrow the European Commission’s plan while preserving an increase over current spending. The proposal, circulated Oct. 10, would raise the European Union’s seven-year spending framework by 30%. It represents 1.16% of EU gross national income, or 1.05% excluding repayment of common debt issued under the Next Generation EU program. The plan includes €141 billion in savings, or 8%, compared with the Commission proposal.

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