European leaders failed to reach agreement on the EU’s next Multiannual Financial Framework (2028–2034) after lengthy talks in Brussels. The target of completing negotiations by the end of 2026 is now in doubt.
The summit also produced no conclusions on energy. European Council President Antonio Costa is expected to table a new proposal in the coming weeks. An extraordinary summit has been scheduled for 26 November.
A Greek proposal to channel future revenues from 6G mobile network spectrum licences into the EU budget is among the options under consideration. Costa is also examining additional own resources, including taxes on cryptocurrency companies, online gambling and large technology groups, to ease pressure on national contributions.
The Irish presidency’s compromise, which reduced the overall budget by €141 billion, was rejected. Member states remain divided between “frugal” countries pushing for lower spending and the “Friends of Cohesion” group seeking to protect traditional funding programmes.
Sweden’s acting prime minister said an agreement before the end of the year looks unlikely. Upcoming elections in several member states in 2027 are expected to make further compromises harder, raising the risk that talks could extend into autumn 2027.
The President of the Republic of Cyprus, Nikos Christodoulides, also referred to the additional difficulties, highlighting the electoral processes in Spain, where citizens are expected to vote on November 29, as well as in Sweden, where the elections were held in September. Christodoulides reiterated that the deal must be reached by the end of the year, remaining one of the few European leaders who still openly support the original deadline.
Bill Giannopoulos
Junior Editor
Bill Giannopoulos is a Junior Editor at Greek City Times, covering Greek and international news, sport, and history.