EU's Costa calls for completion of budget negotiations by 2026

António Costa: António Costa is the President of the European Council, responsible for facilitating consensus among EU leaders on key policy matters. He has recently assumed direct oversight of the budget negotiations after a summit yielded limited progress, emphasizing the need to identify new revenue sources and reach agreement by the end of 2026 to enable timely implementation. European Union: The European Union is a political and economic union of European member states that coordinates policies on trade, regulation, and collective initiatives including long-term budgeting. In this news, it is actively negotiating the terms of its next multiannual financial framework for the period starting in 2028, with member states divided on spending priorities and funding mechanisms. Revenue Focus: Negotiations are increasingly centered on exploring new EU-wide taxes and own resources as options for funding the budget amid resistance to further spending reductions. Timeline Pressure: EU leaders are working toward finalizing the budget agreement by the end of 2026 to allow legislative processes to conclude in time for the framework to begin in 2028. Negotiation Leadership: European Council President António Costa has taken charge of the talks on the EU's next long-term budget following inconclusive discussions among member states.