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Investing.com -- The European Commission proposed a €2 trillion ($2.31 trillion) budget for the European Union covering the years 2028 to 2034 on Wednesday.
The new budget places greater emphasis on economic competitiveness and defense while planning to overhaul traditional spending areas such as farming and regional development.
European Commission President Ursula von der Leyen presented the proposal to reporters in Brussels, describing it as a budget that "matches Europe’s ambition, that confronts Europe’s challenges and that strengthens our independence."
Von der Leyen added that the budget is "larger, smarter and sharper" and "delivers for our citizens and our business, our partners and our future."
According to the Commission, the proposed budget represents 1.26% of the 27-nation European Union’s Gross National Income, an increase from the 1.13% allocated in the current seven-year budget.
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