European Commission proposes 2 trillion euro EU budget for 2028–2034

The European Commission has proposed a new Multiannual Financial Framework (MFF) for the 2028–2034 period, totaling approximately 2 trillion euros over seven years. The proposal aims to strengthen European sovereignty, competitiveness, and resilience through strategic investments.

Key allocations include 865 billion euros to reduce regional disparities, 409 billion euros for global competitiveness, 200 billion euros for international partnerships, and 49 billion euros for education and democratic values. The Erasmus+ program is projected to see a 50 percent increase in funding.

The proposal faces significant political resistance from several net contributor nations, including Germany, Austria, Denmark, the Netherlands, Finland, and Sweden, who are calling for cuts amounting to hundreds of billions of euros. Critics, including German Chancellor Friedrich Merz, have questioned the scale of the budget. While the nominal increase is substantial, much of the figure is influenced by inflation and the 149 billion euro requirement to repay NextGenerationEU debts. This creates a tension between the Commission's expansionary goals for defense, migration, and climate policy and the national fiscal consolidation pressures facing member states.