Budget Showdown

The 15–16 October European Council produced no breakthrough on the 2028–2034 budget. The Irish presidency's text sets the total at about €1.62 trillion in constant 2025 prices, roughly €140 billion below the Commission's proposal. Sweden will not support it, and Meloni rejects cuts to agriculture, fisheries or cohesion.

Adoption needs unanimity among all 27 and Parliament's consent by absolute majority, which gives each government leverage over timing and allocation. Costa takes over the talks, with a special meeting on 26 November and the December summit ahead. Officials warn a deal could slip into 2027.

Deadline Pressure

Macron urges a deal by end-2026, before elections in France, Italy and Poland in 2027 complicate talks. Cyprus's president proposes replacing the seven-year cycle with three- or four-year plans, arguing crises make long-range priorities hard to set.

Rules and Enlargement

Germany, Italy and Belgium want an EU "emergency brake" on burdensome new laws. Ukraine and Moldova have clusters 2 and 3 opening, and Montenegro has begun drafting its accession treaty. The test is whether Sweden and other net contributors move before the 26 November meeting.