Inconclusive sparring at EU summit puts budget timeline into question

What happened: EU leaders at Thursday's Brussels summit held to their red lines on the next long-term budget, with several rejecting the presumed December deadline. Council President António Costa is expected to take over negotiations, with a new compromise due in a few weeks. Key numbers: Irish presidency compromise proposed cutting overall volume by €141 billion. Why it matters: A slippage past end-2026 would mean significant delays and a collision with 2027 elections in France, Italy, Poland, Finland, Estonia, Slovakia and Greece. Some fear a deal could slip to autumn 2027.

EU leaders at Thursday's Brussels summit held to their red lines on the next long-term budget, with several rejecting the presumed December deadline. Council President António Costa is expected to take over negotiations, with a new compromise due in a few weeks.

A slippage past end-2026 would mean significant delays and a collision with 2027 elections in France, Italy, Poland, Finland, Estonia, Slovakia and Greece. Some fear a deal could slip to autumn 2027.