(VOVWORLD) - The European Commission (EC) on Monday held tough discussions on the EU’s budget after the UK leaves the bloc.
 EC's budget chief Guenther Oettinger (Photo:Reuters) |
Finance for some sectors will be reduced to allocate resources for joint projects. At a conference in Brussels, EC President Jean-Claude Juncker said the EU is reaching the limit in its capabilities. The budget for 2014-2020 period is about 963 billion euro. Despite Brexit, the UK said it will pay its substantial share until 2020. From 2021, the EU will have to prepare for a new financial framework without the UK.
Budget chief Guenther Oettinger said the UK’s departure will deprive the EU of 12-13 billion euros from its annual budget. He called for saving from current expenditures to make up for 50% of shortfall and finding new investment sources.