EU Budget Proposal: A 2 Trillion Euro Vision

The European Commission has unveiled an ambitious 2 trillion euro budget proposal for the European Union, aimed at strengthening the bloc's focus on defense and innovation over the next seven years. The announcement was made by EU Budget Commissioner Piotr Serafin on Wednesday.

This sweeping budget plan is set to cover the years 2028 to 2034, marking a significant investment shift towards new priorities for the Union. However, the proposal must undergo a rigorous negotiation process, requiring the backing of all 27 member countries.

The European Parliament also plays a crucial role in finalizing this budget. The alignment of member states and the Parliament is imperative for the adoption of the budget, setting the stage for a long and potentially contentious process.

(With inputs from agencies.)