Brussels:The European Union should consider adopting a three or four-year budget cycle instead of the current seven-year framework, Cyprus President Nikos Christodoulides suggested during an interview with Politico at the EU leaders' summit. He highlighted the challenges of planning long-term financial needs, noting that the bloc is currently discussing a budget for 2034 while still in 2026. A shorter budget cycle, he argued, could be more acceptable to some member states.

According to Cyprus News Agency, Christodoulides pointed to recent crises, such as the COVID-19 pandemic and the war in Ukraine, as examples of the unpredictability that complicates long-term budgeting. He questioned the feasibility of setting priorities far in advance, given such uncertainties.

The EU's current seven-year budget, valued at approximately £2 trillion, requires unanimous approval from all 27 member states. This process often sees divisions between 'frugal' countries like Germany, the Netherlands, and Sweden, which advocate for a smaller budget, and the 'Friends of Cohesion,' a group of 17 states opposing major cuts to traditional policies. While EU law permits budgets of at least five years, the standard has been seven years since 1993.

Christodoulides also projected that the budget might be reduced by about 10% compared to the European Commission's proposal, aligning with the Irish Presidency's recent suggestion of an 8% cut. However, he expressed doubts about reaching a political agreement by the year's end, especially given the electoral situation in Spain.

An EU official involved in the negotiations described the proposal for a shorter budgeting period as 'weird,' reflecting the varied opinions on the matter.