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EU
EU leaders have reached a preliminary agreement on a €2 trillion long-term budget for 2028–2034, targeting completion by October. The bloc is navigating complex negotiations to balance funding demands from various member states, particularly concerning agriculture and defence expenditures, ahead of a new text proposal by Ireland.
EU leaders are responding to European Council President António Costa’s initiative to establish diplomatic contacts with Russia, while Sweden’s EU affairs minister offers exclusive insights ahead of discussions on the bloc’s upcoming long-term budget.
Former French Economy Minister Bruno Le Maire advocates for a coalition of six core European nations—France, Germany, Italy, Spain, Poland, and the Netherlands—to enhance decision-making and address urgent issues, including defence and foreign policy, during the G7 summit in Évian.
EU BRIEFING
This morning, Europe confronts challenges in energy dependency and strategic reforms.
Attention turns to exchange rates and economic forecasts.
The European Political Community convened in Armenia last week, addressing global instability and escalating US-EU trade tensions, particularly regarding potential tariffs on European cars. Participants, including Canadian Prime Minister Mark Carney, discussed strengthening democracy, military cooperation, and economic ties amid shifting geopolitical landscapes.
European industries face significant challenges amid the upcoming Trump-Xi summit, with concerns that a potential US-China deal could prioritise American access to rare earths, leaving Europe vulnerable. As critical supply chains are manipulated, Brussels prepares for potential economic fallout and intensified competition with cheaper Chinese products.
The European Commission is sending a high-level delegation to Budapest next week to assess Hungary’s progress in unlocking €10 billion in EU recovery funds. Following a change in government, Budapest faces a tight deadline to meet conditions related to rule of law and anti-corruption reforms by August.
Estonian Defence Minister Hanno Pevkur emphasised the need for accountability in the EU’s €90 billion loan to Ukraine, amidst an investigation into graft allegations involving a former Zelenskyy aide. Pevkur highlighted that Ukraine must demonstrate responsible fund usage to secure ongoing support from both Ukrainians and Europeans.
Between 40,000 and 70,000 people marched in Brussels on 12 May, protesting against the Belgian government’s “anti-social” reforms. Organised by three major trade unions, demonstrators highlighted issues of pensions, purchasing power, and wage indexation amid rising energy prices linked to the Middle East conflict.
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