Friedrich Merz says "excessive debt threatens our sovereignty" over EU budget plan

Germany’s Friedrich Merz is heading a coalition of six EU members that together provide roughly 40 % of the bloc’s contributions and are threatening to block approval of the 2028‑2034 multi‑year budget, valued at about €2 trillion, unless substantial reductions are made. In a letter to the other 27 governments, the six leaders argued that the current spending plan is outdated and called for a shift away from large allocations for agriculture and cohesion funds toward financing for security and global trade, noting that net‑contributing states bear the bulk of the EU’s financing load. The dispute comes as the EU seeks a consensus before upcoming elections in France, Italy, Poland and Spain, while Ireland’s rotating presidency is tasked with brokering a compromise; other members have suggested increasing borrowing, a proposal rejected by Germany and its allies.