|Author (Person)||Barker, Alex, Chaffin, Joshua|
|Series Title||Financial Times|
The European Council summit held in Brussels on the 22-23 November 2012 ended without agreement on the EU's next seven-year budget framework for the period 2014 to 2020.
A further summit meeting will have to be called to sort out the difficulties but it was unclear how differences will be resolved between Northern countries wanting reductions and others wanting increases.
The European Council website reported:
'Following constructive discussions on the EU's Multiannual Financial Framework (MFF) 2014-2020, the European Council on 23 November 2012 mandated President Herman Van Rompuy to pursue the consultations to find a consensus among all EU leaders.
The talks during the European Council meeting of 22 and 23 November "show a sufficient degree of potential convergence to make an agreement possible in the beginning of next year," said the summit statement.
"We will need some more time to finalise this solution," said President Van Rompuy. "This is the budget for the rest of the decade. And the next 7 years will be crucial, to put Europe back on the path of recovery and growth. So we must get it right."
He pointed to the complex nature of MFF negotiations and to the fact that the negotiations on the current MFF also required two rounds of talks at leaders' level in 2005.
|Subject Categories||Economic and Financial Affairs, Politics and International Relations|
|Countries / Regions||Europe|