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Angela Merkel : EU Leaders unlikely to reach budget deal.

By mission winter90 - Fri Nov 23, 6:33 am

Angela Merkel : EU Leaders unlikely to reach budget deal.
Edited bymission winter90

Angela Merkel : EU Leaders unlikely to reach budget deal.

EU Leaders unlikely to reach budget deal. 2 Angela Merkel : EU Leaders unlikely to reach budget deal.

Angela Merkel : EU Leaders unlikely to reach budget deal.

German Chancellor Angela Merkel says she doubts an agreement can be reached on the European Union‘s next budget at the summit taking place in Brussels.She spoke after negotiations on the 2014-2020 budget were adjourned until midday on Friday (11:00 GMT).

“Positions remain too far apart,” Merkel told reporters early today after the first session of a summit in Brussels. “Probably there will be no result at the end of this summit. There may be some progress but it is probable that we will need to meet again at a second stage.”The political stakes dwarf the economic significance of spending equal to 1 percent of European gross domestic product, offering a glimpse of where the power lies in the EU and whether the euro-area crisis is bringing the bloc closer together or driving it apart.

Failure to agree on the budget would mean rolling over the 2013 budget into 2014 on a month-by-month basis, putting some long-term projects at risk.Analysts say that could leave the UK in a worse position, because the 2013 budget is bigger than the preceding years of the 2007-2013 MFF.

The UK government could then end up with an EU budget higher than what it says it will accept now.Budget numbers up for debate have been whittled down since the European Commission called for a 1.033 trillion-euro ($1.3 trillion) package in mid-2011. A pre-summit proposal foresaw spending of 973 billion euros, down 6 percent from the commission proposal and 2 percent from the 994 billion euros for the current seven-year period.

Poland and its former-communist neighbours, which rely heavily on EU cash, want current spending maintained or raised.France has traditionally been a big beneficiary of EU farm support.

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