Cypriot presidency presents revised budget proposal for 2028-2034

The Cypriot presidency is introducing a revised negotiating package, known as the Nego-Box, for the European Union's 2028-2034 Multiannual Financial Framework. Deputy Minister for European Affairs Marilena Raouna is scheduled to present the package in Brussels on Thursday evening. The proposal involves a total budget reduction of approximately 2%, amounting to 32.8 billion euros in current prices. The objective is to establish a credible framework that secures the trust of member states and facilitates a final agreement by the end of 2026. The plan attempts to reconcile the competing demands of the frugal member states, who advocate for significant cuts, and the Friends of Cohesion group, who prefer maintaining or increasing current funding levels. Reductions will be applied across various headings rather than through a uniform or horizontal cut, aiming to preserve the budget's overall architectural balance. This negotiation process remains central to determining the EU's fiscal priorities for the upcoming six-year period.