European Commission President Ursula von der Leyen has unveiled a bold €2 trillion (about $2.3 trillion) EU budget proposal that includes new taxes on large corporations, tobacco, and electronic waste—setting the stage for intense political battles over the bloc’s financial and strategic priorities.
The plan aims to reshape Europe’s financial future, increasing defence spending fivefold, tripling border and migration funding, and doubling research investments—35% of which would go to climate and biodiversity efforts.
“It is a €2 trillion budget for a new era ... that confronts Europe’s challenges, that strengthens our independence,” she told reporters at a news conference.
A €100 billion (around $116 billion) fund is also earmarked for Ukraine, labelled by the EU's Budget Commissioner Piotr Serafin, as the EU's “most strategic partner.” But backlash followed swiftly.
Environmental groups and Green MEPs criticized the elimination of the only dedicated nature protection fund, calling it a dangerous move amid the biodiversity crisis.
Farmers and members of the European Parliament were similarly alarmed by a proposed merger of flagship policies such as agricultural and regional funds, warning of severe risks to farming stability.
However, EU officials argued that €300 billion (around $349 billion) in direct payments to farmers remain untouched.
Von der Leyen said the new taxes would ease pressure on national budgets, but countries such as Germany, the Netherlands, and Sweden criticized the plan as too costly.
Adding further tension, Hungary’s Prime Minister Viktor Orbán condemned the proposed Ukraine funding, insisting EU support should focus on farmers.
From 2028, the EU must start repaying its €750 billion ($872 billion) pandemic recovery loans, costing up to €30 billion ($35 billion) annually—double the current research budget.
The proposal requires unanimous approval from all 27 member states and the European Parliament.
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Democrats captured majorities in both chambers of Congress on Tuesday, scoring sweeping victories that reached into Republican strongholds, with millions of voters delivering a strong rebuke to President Donald Trump.
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Democrat wins surged on Tuesday across the United States with stunning victories in the South Carolina, Texas and Ohio senate races -- traditionally Republican strongholds -- in the 3 November midterm elections.
Iranian parliament speaker Mohammad Bagher Ghalibaf says the U.S. must act to prevent war after Tehran sent a “strong and rational response” to Washington. Meanwhile, U.S. forces have reportedly carried out limited strikes against Iranian targets, including Qeshm Island,
U.S. President Donald Trump says Washington will end its annual financial and military aid to Israel by the end of 2026, under an agreement he claims to have reached with Israeli Prime Minister Benjamin Netanyahu.
Thousands of protesters, including students and artists, marched through Prague and other Czech cities on Tuesday as public television and radio workers staged a one-day strike over government plans to cut funding and bring the broadcasters under state budget control.
As oil prices surge amid conflict in the Gulf, energy leaders at ADIPEC in Abu Dhabi are confronting two major challenges: securing global supplies and meeting soaring electricity demand from artificial intelligence.
North Korea fired multiple missiles into the sea off its east coast on Wednesday, South Korea's Defence Ministry said, in Pyongyang's fourth weapons launch in a month.
Bomb threats targeting at least seven flights and a cruise ship across Europe on Tuesday, 3 November, sparked flight diversions, airport disruptions and widespread security searches. No explosives were found, and no group has claimed responsibility.
From a newsroom in Baku to audiences around the world, AnewZ marks two years of reporting, documentaries and digital journalism.
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