2028–2034 Budget: plans for an extraordinary summit of leaders on 26 and 27 November

Brussels – It is likely that an additional meeting of Heads of State and Government will be needed to untangle the complex web of the EU’s multiannual financial framework (MFF 2028–2034). An extraordinary summit is being considered by the President of the European Council, Antonio Costa, who on the leaders’ agenda added an extra meeting, scheduled for 26 and 27 November. According to the draft agenda, which has not yet been confirmed, the topic is precisely the common budget for the next seven years. 

“Don’t expect any lengthy conclusions on this issue,” say well-informed European sources. In other words: this week’s European Council summit (15 and 16 October) will not be as decisive as previously hinted, and therefore “the extraordinary European Council summit will probably go ahead,” the same sources reveal.

After all, the starting point for negotiations is the Irish presidency’s proposal, which, however, few countries like, and therefore further work is needed. “The aim remains to reach an agreement by the end of the year,” officials in Brussels assure us, but with an October meeting that looks set to yield few conclusions – and therefore few results – a further meeting is necessary, not least to avoid overburdening the December meeting.

https://www.eunews.it/en/2026/10/12/eu-budget-commission-opposes-irish-presidencys-cuts-key-priorities-at-risk/ 

Costa intends to gather the reactions of all heads of state and government to the Irish proposal, and then “lead the negotiations himself between now and the end of the year.” In short, the draft budget drawn up in Dublin is merely one step on a journey that is far from over, and this week’s meeting amounts to a “handover” between the presidency and the President. 

This is also because there is still a missing piece in the complex negotiations on the 12-star multiannual budget: the new own resources, the sources of direct revenue for the Commission. “Own resources represent an important part of the final equation,” officials in the European Union’s capital emphasise, and “we have seen calls to limit national contributions to the budget, and that is why own resources are needed.” As for these sources of funding, “the details are still missing, and we hope to have them once Costa takes the reins of the negotiations.”