BRUSSELS, (Pakistan Point News - 11th Jun, 2026) European Council President António Costa said agreement on the European Union's next long-term budget cannot be reached this year without a deal on new EU-wide taxes.
In a letter to EU leaders ahead of their summit in Brussels on 18th-19th June, Costa called for continued work on the bloc's next seven-year budget, estimated at nearly €2 trillion.
"We should focus our discussion on the key elements to facilitate an agreement by the end of the year," Costa said. "This includes making progress on new own resources, which will be decisive for matching our ambitions with the necessary means."
The European Council President said advancing discussions on new revenue sources would be critical to supporting the bloc's long-term priorities and financing needs.
