From Foreign Policy · Luke McGee · · 1m 20s
Can Brussels Budget Like a Superpower?
EU proposes 2 trillion euros budget to rival US and China.
In brief
EU proposes 2 trillion euros budget to rival US and China. EU's new 2028-2034 budget aims to match US and China's economic power through defense, research, and global influence. Originally reported by Foreign Policy.
EU budget cycle
The European Union falls into a wide-ranging squabble over money every seven years.
Current EU budget
The latest budget cycle under discussion is 1.2 trillion euros in current prices.
Proposed budget
The European Commission proposed 2 trillion euros for the 2028-2034 budget cycle.
Competitiveness Fund
451 billion euros earmarked for the Competitiveness Fund including 175 billion for research, 131 billion for defense and space.
Global influence
200 billion euros proposed for global interests including 100 billion for Ukraine.
US comparison
US spends many multiples of EU's defense budget annually.
Cohesion debate
EU faces internal debate over whether 2 trillion euros is too high for cohesion.
Euroskeptic challenge
Euroskepticism threatens to block EU's budget coordination efforts.
Russia threat
Russia poses unprecedented threat to EU security requiring unified response.
Trump challenge
Trump's policies threaten EU's ability to act independently.
Next steps
EU must balance cohesion with national interests to secure budget approval.
What matters most
EU's new 2028-2034 budget aims to match US and China's economic power through defense, research, and global influence.
