Skip to comments.Stage set for budget showdown as MEPs back spending hike (EU)
Posted on 10/24/2012 10:35:58 PM PDT by Olog-hai
The EU is set for a budget showdown between government ministers and the European Parliament after MEPs backed spending hikes for the 2013 settlement and the next seven year budget framework. During a marathon voting session in Strasbourg on Tuesday (23 October), MEPs demanded significant increases in spending on infrastructure projects and research and innovation.
They also voted to keep spending on the controversial common agricultural policy and cohesion funds aimed at the poorest regions of the EU at their 2007-13 spending levels. They also want to ensure that the planned financial transaction tax, set to be adopted by eleven member states, is considered with VAT as an own resource to be used to reduce the budget contributions of the countries using it.
The seven year multi-annual Financial Framework (MFF) sets the ceiling for up to 1 trillion of EU spending between 2014 and 2020, estimated at 1.03% of EU GDP. Five north European countries, led by Germany, France and the UK, insist that they will oppose any increase of the seven year budget cycle above the inflation rate.
(Excerpt) Read more at euobserver.com ...