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Germany to seek capping next Eurozone budget at 1%–Report  

Germany to seek capping next Eurozone budget at 1%–Report  

Mubasher: Germany aims to limit the European Union’s (EU) next budget for 2021-2027 at 1% of Europe’s economy, Reuters reported, citing a document.

“We will conduct the MFF [Multiannual Financial Framework] [or the bloc’s long-term budget] negotiations on the basis of 1% of the EU27 [gross national income],” the news agency quoted the document which Berlin is due to present to other member states during a ministerial meeting in Brussels on Monday.

Under such case, Germany would still contribute with EUR 10 billion ($11.08 billion) more per annum.

“Losing the UK as one of the largest next contributors to the MFF means that even with this limit, contributions of the remaining Member States will increase significantly,” the document said.

Germany also asked that its poorer regions gaining the benefits of the EU development aid should not hit in any excessive revamp of the cohesion funds.

“Strong or addition” incentives on migration and climate projects were demanded, the news agency said.

Moreover, all the bloc’s spending should be made under rule of law conditionality, amid a move to scale back aids to members accused of undercutting democratic standards.