Despite enormous challenges, the EU sticks with its puny budget
At least farming subsidies are getting cut down to size
What will the European Union look like in 2034? Only the most confident fortune-teller would venture a guess. Yet in Brussels a ritual even odder than staring at tea leaves or crystal balls is afoot: trying to craft a budget that will not come into effect for over two years, and will still be in force nearly a decade from today. A first cut of the EU financial blueprint covering the seven-year period from 2028 to 2034 was unveiled by the European Commission on July 16th. The extraordinary challenges the EU faces will have to be met with a very ordinary spending package.
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