EU summit ends after failure to reach deal on long-term budget

A summit of European Union leaders ended abruptly on Friday after they failed to reach an agreement on the bloc's long-term budget, officials said. The 27 leaders had spent two days in a standoff over the 2021-27 budget, with a gulf between countries that are net recipients of finds and wealthier member state who were determined to rein in spending.

Agencies and A News ECONOMY

Published February 21,2020

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EU SUMMIT ENDS AFTER FAILURE TO REACH DEAL ON LONG-TERM BUDGET

European Union nations broke up a marathon summit without a deal Friday and will have to reconvene for another budget meeting in the coming weeks.

After 28 hours of talks the leaders could not find a compromise, with a half dozen wealthy member states insisting they would not stump up more funds for the bloc's next long-term spending package, worth around one trillion euros ($1.1 trillion).

EU Council President Charles Michel said that "Unfortunately today, we have observed it was not not possible to reach an agreement." He added that "we need more time."

It was not clear yet exactly when a new summit would be set.

The so-called "Frugal Four" of Austria, Denmark, the Netherlands and Sweden, and a few others, believe the EU's 2021-2027 budget, which is meant to fund ambitious climate change and digital economy policies, should amount to 1% of the 27-nation trading bloc's gross national income.