EU Unveils $2.2 Trillion Budget Proposal Focused on Defense, Economic Competitiveness

Budget Commissioner Piotr Serafin described the plan as a ’modern, more flexible budget' designed to meet Europe’s evolving needs.

European Commission President Ursula von der Leyen gives a speech during a plenary session at the European Parliament, where a motion of censure against the European Commission is debated, in Strasbourg, France, on July 7, 2025. Photo by Jean-Christophe Verhaegen / AFP

The European Commission presented a proposal for the next Multiannual Financial Framework (MFF) on July 16, setting out a 2 trillion euro ($2.2 trillion) budget for 2028–2034, with a focus on defense and economic competitiveness.

EU Budget Commissioner Piotr Serafin said 300 billion euros ($330 billion) would go to agriculture, 218 billion euros ($239 billion) to less developed regions, and 451 billion euros ($496 billion) to a European Competitiveness fund.