There has been a lot of focus across Europe’s media outlets on the major expansion of the EU budget. In its proposal for the seven-year period 2028-2034, the Commission asks for a 67% increase in appropriations.
Currently, the budget is facing a high level of resistance in the EU Parliament. However, if it were to be approved at the proposed spending levels, it would grow EU spending by two-thirds over current levels. In total, for the entire seven-year period, the EU Commission wants to spend almost €2,000 billion, or €2 trillion.
This is an impressive amount of money. However, when split up annually, it breaks down to approximately €286 billion, less than 1.6% of the EU’s total €18 trillion gross domestic product (in 2024).
Compared to the member state governments that spend half or more of their nations’ entire GDP, the EU Commission is showing restraint that could almost be mistaken for fiscal humility. However, the Commission makes absolutely no secret of its ambition to rapidly grow more fiscal muscles.
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