Testy EU budget talks blocked, new summit in March likely
Major contributors to the European Union's budget blocked progress at an emergency summit on Friday, insisting that they would not stump up more funds for the bloc's next long-term spending package, worth around one trillion euros ($1.1 trillion).
The so-called "Frugal Four" of Austria, Denmark, the Netherlands and Sweden believe the EU's 2021-2027 budget, which is meant to fund ambitious climate change and digital economy policies, should amount to 1% of the 27-nation trading bloc's gross national income.
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