Five European Commissioners, including foreign policy chief Kaja Kallas, have strongly opposed proposed cuts to the EU's Global Europe budget. The Irish presidency of the EU Council suggested a 17.4% reduction. This would cut the budget from €215 billion to about €177 billion. The Commissioners warned that these cuts could weaken the EU's global influence and security. In a letter to Parliament's lead lawmakers, they stated, "Without adequate resources, the EU risks losing influence on the global stage and being more vulnerable to external factors," according to Euronews.
Concerns Over Security and Stability
The letter, co-signed by Commissioners Marta Kos, Dubravka Šuica, Jozef Síkela, and Hadja Lahbib, stressed the need to keep funding for pre-accession initiatives, strengthen partnerships, and respond to crises. They pointed out a decline in development aid from EU countries and other major donors. This decline could further weaken the EU's ability to form beneficial partnerships. The head of the UN's World Food Programme also warned that cutting humanitarian aid could harm the EU's standing in international discussions, as reported by Politico.
EU leaders largely rejected the Irish proposal at a recent summit. European Council President António Costa is expected to present a new compromise before a special summit on 26 November. This aims to address the concerns raised by the Commissioners and other stakeholders.
Related coverage: EU Leaders Consider €159 Billion Budget Cut Proposal.
The proposed cuts to the EU's Global Europe budget could impact sectors that rely on development aid and humanitarian support. This may lead to reduced funding for international partnerships. Investors will closely watch the outcome of the upcoming summit on 26 November, which will determine the final budget allocations.
Based on reporting by: euronews.com, politico.eu