2028–2034 budget: EU leaders agree to reach deal by December; own resources the key issue

Brussels – An agreement on the EU’s multiannual financial framework (MFF 2028–2034) by the end of the year – that is, by December – with a commitment to use new own resources as the basis for consensus between the various parties, namely those who want an ambitious common budget and those who want to avoid contributing too much with national finances to make it happen. It was on this point that the heads of state and government gathered in Brussels for the European Council summit reached a consensus, at the end of a day of discussions (15 October) during which the member states remained firmly entrenched in their respective positions.

 The conclusions regarding the multi-annual budget are solely in line with the political mandate given to Costa to reach a compromise. Still, they include a clear timeframe for a “timely agreement”, namely “by the end of 2026”, to allow the adoption of legislative acts in 2027, which is necessary “to ensure that EU funding reaches beneficiaries without interruption in January 2028.” An attempt is therefore being made to demonstrate responsibility after pre-summit disputes which raised fears that the budget agreement might be postponed until next year. 

The key to saving the multiannual budget and saving face, therefore, lies in the European Commission’s sources of revenue: useful instruments and measures other than fines imposed on Member States, which enable the EU executive to have its own resources without having to request them from national governments, thereby placing a burden on national budgets. The discussion highlighted the importance of keeping national contributions within reasonable limits and maintaining the level of ambition.

​“The new own resources will play a decisive role,” EU sources confirm. For this reason, Costa will work with the European Commission and the capitals on “an updated set of new own resources, to be included in the next negotiating package.”

 https://www.eunews.it/en/2026/10/06/multi-annual-budget-parliament-and-commission-warn-leaders-about-excessive-cuts/

The President of the European Council intends to get to work without delay, and is likely to “aim to present the next negotiating package in the coming weeks,” the same sources clarify. These intentions make the 26-27 November extraordinary summit of heads of state and government a real prospect, instead of a mere hypothetical possibility, as it is currently marked on the calendar.

After all, stepping up the pace is the only way to reach that agreement by the end of the year, as Costa himself has called for. According to insiders, the former Portuguese Prime Minister appears to have succeeded in convincing the leaders that it is “absolutely essential” to finalise the 2028–2034 budget by December, and that the only way to achieve this is to accelerate the work.

The message emerging from the first day of the October European Council summit, therefore, is that, as regards the budget, there is an intention to provide the EU with a new budget, to do so swiftly, and to do it properly. Costa, European sources explain, “has called on Member States to shoulder their responsibilities in this regard.” The leaders responded positively by expressing their willingness to cooperate, which is accelerating the work.