European Commission Proposes Budget Prioritizing Defense
(MENAFN) The European Commission introduced a proposal on Wednesday for a €2 trillion ($2.32 trillion) budget covering the 2028-2034 period.
The budget aims to prioritize defense, strategic technology, and boosting Europe’s competitiveness, while also ensuring continued support for agriculture and regional cohesion.
European Commission President Ursula von der Leyen emphasized the proposal’s alignment with Europe's future needs, stating, "A budget that matches Europe's ambition.
That confronts Europe's challenges. That strengthens our independence.
A budget that is larger, smarter and sharper. This is a budget that delivers for our citizens, our business, our partners and our future." Her statement came during a press briefing in Brussels.
In her remarks, von der Leyen detailed that the proposed budget allocates €865 billion toward agriculture, cohesion, and social policies.
This includes over €300 billion designated for income support to farmers and fishers.
Furthermore, at least €218 billion would be directed toward investments in underdeveloped regions, while €2 billion would be set aside specifically for fisheries.
The President also pointed out that funding for migration and border management would be tripled compared to earlier budgets.
Additionally, von der Leyen introduced a new initiative, “Catalyst Europe,” which would allow EU member states to secure up to €150 billion in loans backed by the European Union.
These loans, available on favorable terms, would be allocated toward strategic sectors such as defense, energy infrastructure, and cutting-edge technologies.
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