- CNTV English - CCTV News

Homepage > News > Biz >

Five European leaders seek to freeze EU budget until 2020

12-19-2010 18:05 BJT

Five European leaders Saturday proposed to impose tighter financial regulations on the European Union by freezing the bloc's budget until 2020.

In a joint letter to European Commission President Jose Manuel Barroso, France, Germany, Britain,the Netherlands and Finland made the appeal, saying the budget should not exceed the growth rate of inflation in the bloc's long-term budget.

"A fiscal rule must be defined with respect to the overall level of expenditure by the European Union over the period (2014-2120) of the next financial framework," the letter, published by the Elysee Palace, said.

The EU's 27 countries are set to discuss the long-term budget which runs from 2014 to 2010 in mid-2011.

"The challenge for the EU in the coming years will not be to spend more but to spend better," the letter said, stressing the necessity to improve spending efficiency, impose expenditure monitoring and use proper economic leverage on the EU level to curb rising public spending.

The joint letter was signed by French President Nicolas Sarkozy, German Chancellor Angela Merkel, Britain Prime Minister David Cameron, Dutch Prime Minister Mark Rutte and Finnish Prime Minister Mari Kiviniemi.

The European Parliament Wednesday adopted the bloc's 2011 budget which has put the total expenditure at 126.5 billion euros (166.8 billion U.S. dollars), 2.9 percent higher compared with 2010.

Editor:Du Xiaodan |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program