Baku. Victoria Dementieva – APA-Economics. European leaders have reached agreement on the first ever cut to the EU’s budget in its 56 year history.
Brussels will work to a ceiling of 960 billion euros between 2014 and 2020.
The deal will see a real term cut of around 3 percent. The EU calculates two budget numbers. As well as the ‘commitments’ figure of 960 billion euros, a lower ‘payments’ figure’ of 908 billion euros indicates what will actually be spent.