Insider Economy Germany's Merkel rejects reduction of EU budget rebates

Germany’s Merkel rejects reduction of EU budget rebates

Chancellor Angela Merkel said on Wednesday that Germany rejected the reduction of rebates in negotiations on the European Union budget.

Germany had a fundamental interest in a successful outcome to an EU summit, starting on Thursday, on the bloc’s budget, she added.

EU net payer countries have pushed back after the latest proposal for the seven-year EU budget was put forward by EU council president Charles Michel last Friday.

Michel’s proposal comes ahead of the crucial meeting of EU leaders and is very similar to the latest plans of the Finnish EU presidency on the overall spending.

For the first post-Brexit EU budget, Michel proposed 1.074 percent of the EU’s gross national income (GNI), over a trillion euros, which, in terms of actual payments, amounted to 1.06 percent of EU GNI.

It is still higher than the one percent demanded by Germany, the Netherlands, Denmark, Sweden, and Austria – all net payers to the EU budget, which now has an annual hole of €12 bn because the UK left the bloc.

Read more:

https://in-cyprus.com/cyprus-president-discusses-eu-budget-with-european-council-president/

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