At a recent meeting of the College of Commissioners, the European Commission (EC) discussed a new reflection paper on the future of the European Union’s (EU) finances, including how the Union can fund more with a reduced budget following the United Kingdom’s departure.
The paper builds upon the Commission’s White Paper on the Future of Europe, which envisions five potential scenarios for the future of the EU. The new reflection paper examines each of those scenarios and establishes different financial options available to the Union and how they could affect the EU’s budget. Drawing from previously discussed ideas, the paper is intended to trigger public feedback for the Commission’s consideration.
The EU plans to take on a larger role on key international policy issues, which will require more efforts towards migration, security, defense, humanitarian and development aid and climate change. The reflection paper proposes options to stretch the Union’s funding in the areas to accomplish more with smaller budgets.
At the latest College meeting, the Commissioners also discussed state aid decisions regarding two Italian banks, the antitrust decision against Google, trade negotiations with Japan and the recent spate of cyber security attacks.