(Bloomberg) -- Explore what’s moving the global economy in the new season of the Stephanomics podcast. Subscribe via Apple Podcast, Spotify or Pocket Cast.
European Union leaders will hold a special summit on Feb. 20, with an aim of reaching a breakthrough in stalled negotiations over the bloc’s trillion-euro ($1.1 trillion) budget that are being made extra onerous by the U.K.’s withdrawal from the EU.
“Any postponement would create serious practical and political problems,” European Council President Charles Michel said in his invitation letter published on Saturday. “I am fully aware that these negotiations are among the most difficult ones we have to face.”
The seven-year budget is a cornerstone of EU policy that lets farmers compete against imports from the developing world, helps poorer states catch up with the richer ones and underpins projects that bind the union together. But agreeing on the amount of cash and how to spend it is a regular source of tension between the net contributors and those who get more than they put in. The U.K. was a net contributor and its departure leaves a budget hole that needs to be plugged by either cutting spending or making others cough up more.
To contact the reporters on this story: John Martens in Brussels at email@example.com;Nikos Chrysoloras in Brussels at firstname.lastname@example.org
To contact the editors responsible for this story: Katerina Petroff at email@example.com, ;Chad Thomas at firstname.lastname@example.org, Sara Marley, Andrew Davis
©2020 Bloomberg L.P.