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EU leaders meet to discuss 2014-20 budget
EU leaders convene for a summit on the bloc's 2014-20 budget. The talks on the long-term financial framework have been interrupted in November 2012 when the parties failed to reach a deal.
In July 2012, the European Commission proposed a budget of €1.03 trillion, which is five percent higher than the 2007-13 package. However, seven major contributor states have opposed the increase at a time when their national budgets are being cut.
British Prime Minister David Cameron is among those insisting that the EU cannot expect a five percent increase in spending when the bloc's member states are dealing with austerity and economic difficulties. He has instead called for sharp cuts of up to €200 billion to the multi-annual budget.