European Union leaders finally agree on the bloc's 2014-2020 budget, after 26 hours of constant talks. The new deal will cut 34 billion Euros from the previous budget to 908 billion Euros, the first budget cut in the bloc’s 56 years of existence. Agriculture will see the largest fund reduction, while competitions for growth and employment will have the biggest budget increase. Speaking to media after the meeting,  EC President Van Rompuy said that the 2014-2020 budget embodied "a sense of collective responsibility from European leaders." He also urged the European Parliament to pass the budget.

Photo: europa.eu