A fight over money could be about to reach unprecedented proportions at the heart of the European Union.
The U.K.'s impending exit means that the bloc will lose one of its key net contributors — when a country's payments into the EU outweigh its revenues from it. This is set to leave a shortfall of about, in net terms, in the EU's next budget. And the question of who will fill that gap is stressing out several member states.
Media reports earlier this week suggested Germany's contribution could rise from 15 billion euros in 2020 to 33 billion euros in 2027 and that the Netherlands would also be paying 75% more to the EU, as a result of the U.K.'s departure. Over the last few days some media have been publishing some rather misleading figures, for example saying that there's going to be a doubling in the German contribution to Brussels."Budget talks are usually difficult. They will be unusually tough in the EU this time," Holger Schmieding, chief economist at Berenger told CNBC Tuesday.
The European Commission, one of the EU's institutions that is part of the budget discussions, held a press conference Wednesday to clarify the media reports on the budget issues. However, this is a widely unpopular measure for governments in Poland and Hungary, to name just a few.
France Dernières Nouvelles, France Actualités
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